Committee on Payment
and Settlement Systems
Board of the International
Organization of Securities
Commissions
Implementation
monitoring of PFMIs –
Level 1 assessment
report
August 2013
This publication is available on the BIS website (www.bis.org) and the IOSCO website (www.iosco.org).
©
Bank for International Settlements and International Organization of Securities Commissions 2013. All
rights reserved. Brief excerpts may be reproduced or translated provided the source is stated.
ISBN 92-9197-955-4 (online)
Contents
Context .................................................................................................................................................................................................. 1
Methodology ...................................................................................................................................................................................... 2
General themes .................................................................................................................................................................................. 4
Annex A: Members of the CPSS-IOSCO task force on implementation monitoring .............................................. 5
Annex B: Rating definitions and colour coding ..................................................................................................................... 6
Annex C: Summary jurisdiction tables ...................................................................................................................................... 7
Argentina ..................................................................................................................................................................................... 8
Australia ..................................................................................................................................................................................... 10
Belgium ...................................................................................................................................................................................... 13
Brazil ............................................................................................................................................................................................ 14
Canada ........................................................................................................................................................................................ 16
Chile ............................................................................................................................................................................................. 20
China ........................................................................................................................................................................................... 22
European Union ...................................................................................................................................................................... 23
France.......................................................................................................................................................................................... 25
Germany..................................................................................................................................................................................... 26
Hong Kong................................................................................................................................................................................ 27
India ............................................................................................................................................................................................. 29
Italy .............................................................................................................................................................................................. 31
Japan ........................................................................................................................................................................................... 32
Korea ........................................................................................................................................................................................... 35
Mexico ........................................................................................................................................................................................ 37
Netherlands .............................................................................................................................................................................. 40
Russia .......................................................................................................................................................................................... 42
Saudi Arabia ............................................................................................................................................................................. 47
Singapore .................................................................................................................................................................................. 48
South Africa .............................................................................................................................................................................. 49
Spain ............................................................................................................................................................................................ 50
Sweden ....................................................................................................................................................................................... 51
Switzerland ............................................................................................................................................................................... 52
Turkey ......................................................................................................................................................................................... 54
United Kingdom ..................................................................................................................................................................... 55
United States ............................................................................................................................................................................ 57
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
i
Context
In April 2012, the Committee on Payment and Settlement Systems (CPSS) and the International
Organization of Securities Commissions (IOSCO) issued the Principles for financial market infrastructures
(PFMIs). In line with the G20 expectations, CPSS and IOSCO members committed themselves to adopting
the 24 principles (the Principles) and the five responsibilities (the Responsibilities) included in the PFMIs.
Full, timely and consistent implementation of the PFMIs will be fundamental to ensuring the
safety and soundness of key financial market infrastructures and to support the resilience of the global
financial system. In addition, the PFMIs play an important part in the G20’s mandate that all standardised
1
OTC derivatives should be centrally cleared. Global central clearing requirements reinforce the
importance of strong safeguards for and consistent oversight of derivatives central counterparties (CCPs)
2
in particular.
As announced in April 2013, the CPSS and IOSCO have begun the process of monitoring the
implementation of the PFMIs including both the Principles for financial market infrastructures (FMIs) and
the relevant Responsibilities for authorities. The CPSS-IOSCO monitoring process is intended to promote
the consistent implementation of the PFMIs.
To this end, the CPSS-IOSCO Steering Group has established a standing working-level Task
Force (TF) to design, organise and carry out the implementation monitoring assessments. The TF
comprises representatives from 18 jurisdictions that reflect a balance of CPSS and IOSCO members,
3
geographic dispersion, as well as a range of domestic and global FMIs. The monitoring process has
three levels:
•
Level 1: Whether jurisdictions have completed the process of adopting the legislation and other
policies implementing the 24 Principles for FMIs and four of the five Responsibilities for
4
authorities within the regulatory framework that applies to FMIs.
•
Level 2: Whether the adopted measures are complete and consistent with the Principles and
Responsibilities.
•
Level 3: Whether there is consistency in the outcomes arising from the implementation of the
Principles and Responsibilities.
This report presents the results of the first Level 1 assessment of jurisdictions’ progress in
implementing the PFMIs. Updates to the Level 1 assessments will be conducted periodically to show
progress made by jurisdictions in achieving full implementation. The next round of Level 1 assessments
will be conducted later this year for publication in early 2014.
1
In September 2009, the G20 leaders agreed in Pittsburgh that: “All standardised OTC derivative contracts should be traded on
exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by end-2012 at the
latest. OTC derivative contracts should be reported to trade repositories. Non-centrally cleared contracts should be subject to
higher capital requirements. We ask the FSB and its relevant members to assess regularly implementation and whether it is
sufficient to improve transparency in the derivatives markets, mitigate systemic risk, and protect against market abuse.”
2
In October 2010, the FSB emphasised this point as part of its guidance on implementing the G20 mandates: “To help ensure a
global regulatory level playing field and increase the safety of the financial system, CCPs that clear OTC derivatives should be
subject to robust and consistently applied supervision and oversight on the basis of regulatory standards, that, at a minimum,
meet evolving international standards developed jointly by the CPSS and IOSCO” (Recommendation 9 of Implementing OTC
derivatives reforms, October 2010).
3
The TF is supported by the CPSS and IOSCO secretariats. See Annex A for a list of members.
4
Note that Responsibility D (which relates to implementation and application of the Principles) was excluded from the
jurisdictions’ self-assessment ratings for the Responsibilities because the substance of rating is incorporated by the
jurisdictions’ self-assessment with respect to the Principles. See Box 1: Methodology issues for more details.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
1
The jurisdiction’s self-assessments, links to public documents implementing the PFMIs, and,
where available, next steps are presented in the summary jurisdiction tables (see Annex C). The rating
represents the jurisdiction’s assessment for completing the process of adopting the legislation and other
policies that will enable it to implement the PFMIs. While the TF has reviewed the self-assessments for
consistency and provided recommendations to jurisdictions where appropriate, the ratings published are
based on self-assessments.
Methodology
In March 2013, the CPSS-IOSCO sent questionnaires to the 28 jurisdictions with authorities that are
members of the Financial Stability Board (FSB) and/or the CPSS-IOSCO Steering Group that was
5
responsible for the development of the PFMIs.
Jurisdictions were asked to self-assess their progress in implementing the Principles and the
Responsibilities for each of the four FMI types: central counterparties (CCPs), payment systems (PS),
central securities depositories (CSDs) and securities settlement systems (SSSs), and trade repositories
(TRs).
With respect to the Responsibilities, the focus of the self-assessment was on the jurisdictions’
progress towards establishing the legal capacity to carry out and act in accordance with the
Responsibilities. Specifically, jurisdictions were asked to identify the published and/or in-force source of
their legal authority with respect to the Responsibilities. As part of the updates to the Level 1 selfassessments, the TF will consider whether any refinements to this approach would be appropriate.
With respect to the Principles, the focus of the self-assessment was on whether the competent
authorities have adopted the PFMIs, not on whether they have the ability to adopt the PFMIs. Therefore,
those jurisdictions that have broad powers to adopt standards were asked to demonstrate that they not
only have the ability to apply the PFMIs, but that they are in fact applying or working towards applying
the PFMIs.
Jurisdictions rated the regulatory regime in place in their jurisdiction on 5 April 2013 using a
five-level rating scale (see Annex B for the full description):
−
Rating Level 1: Draft implementation measures not published
−
Rating Level 2: Draft implementation measures published
−
Rating Level 3: Final implementation measures published
−
Rating Level 4: Final implementation measures fully in force
−
Rating Level NA: No implementation measures needed (ie not applicable)
In many jurisdictions, there are multiple authorities, often with overlapping mandates. Survey
respondents were asked to provide, where possible, a rating for their overall jurisdiction.
5
2
The 28 jurisdictions are: Argentina, Australia, Belgium, Brazil, Canada, Chile, China, the European Union, France, Germany,
Hong Kong SAR, Indonesia, India, Italy, Japan, Korea, Mexico, Netherlands, Russia, Saudi Arabia, Singapore, South Africa,
Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. Indonesia did not provide a response in this
assessment report, but will participate in future assessment reports.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
The self-assessments were reviewed by the TF for consistency. This allowed the TF to identify
where jurisdictions had interpreted the survey differently. The TF reviewed the information submitted by
jurisdictions for completeness to support the self-assessments and provided guidance on the
methodology to increase the consistency and comparability across self-assessments.
See Box 1 for further explanation of the methodology.
Box 1
Methodology issues
Responsibility D
Central banks, market regulators, and other relevant authorities should adopt the CPSS-IOSCO Principles for financial
market infrastructures and apply them consistently.
In order to fully observe Responsibility D, jurisdictions must have fully adopted and applied the Principles. This
would, in effect, duplicate the process of determining the status of implementation of the Principles themselves, and
would require considerable elements of Level 2 and Level 3 assessments of implementation monitoring.
Consequently, Responsibility D is excluded from the jurisdiction ratings for the Responsibilities.
Jurisdictional rating
Different authorities within the same jurisdiction may have fully or partially overlapping competencies. Jurisdictional
ratings are meant to reflect the status of implementation for the regime that a type of FMI is subject to in practice.
Jurisdictions were asked to consider the degree of overlap in competencies and whether authorities have sufficient
individual enforcement powers or not (ie whether one of the authorities would be in a position on its own to apply
the totality of the Principles towards a type of FMI or not). Jurisdictions were asked to explain their approach in
determining their jurisdiction rating.
Sub-classes of FMI type
Some jurisdictions may have different regulatory frameworks for sub-classes of an FMI type (ie CSDs versus SSSs,
sub-classes of CCPs, central bank-owned systems versus privately owned systems). In these cases, the jurisdictions
subdivided the respective FMI type and provided ratings accordingly.
Complementary measures
Complementary measures that go beyond what is required by the PFMIs were not taken into consideration when
determining the rating but may be noted in the comment box on the bottom of the template.
Additional guidance to achieve a rating of “3”
The required measures to implement the PFMIs are finalised/approved/adopted and published but:
•
FMIs are not yet required to observe the Principles; OR
•
There is a transition period until FMIs are expected to observe the Principles but the transition period is
not specified; OR
•
The transition period is specified but applies to all Principles, not just a sub-set.
Additional guidance to achieve a rating of “4”
The required measures to implement the PFMIs are finalised/approved/adopted and published; AND
•
The PFMIs are “in force” (ie the PFMIs are in effect and are being enforced) as of 5 April (Adoption Date);
AND
•
If there is a transition period, it is clearly articulated and only for a narrow sub-set of Principles; AND
•
Links to public documents are provided for the final report.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
3
General themes
Most jurisdictions are in the process of implementing the PFMIs
Implementing the PMFIs is a comprehensive and substantive undertaking spanning different types of
FMIs and, typically, multiple regulators within a single jurisdiction. Most jurisdictions have begun the
process of implementation. Very few jurisdictions have completed the process for all FMIs but many
more jurisdictions are well along in the process and expect to be well advanced by the end of 2013.
Given that the PFMIs were issued as recently as April 2012, this represents a substantial amount of
progress across jurisdictions.
Jurisdictions implement the PFMIs in very different ways
Some jurisdictions operate under a regulatory framework requiring specific regulation or rules in order
to adopt the PFMIs. In other jurisdictions, regulatory frameworks provide the competent authorities with
broad powers allowing them to apply standards without the need of additional regulations. Some
jurisdictions are implementing the Principles all at once and clearly referencing the PFMIs; others are
supplementing their existing standards to make them consistent with PFMIs.
These differences make it challenging to ensure the ratings are consistent across jurisdictions.
Therefore, the TF has provided guidance based on a common methodology to jurisdictions as they
developed their self-assessment in order to foster consistency across jurisdictions.
Specifically, the Level 1 assessment is concerned with the adoption of the full set of PFMI
Principles, not about observance of the old international standards. This distinction is important, as a
subset of the PFMIs is consistent with the old standards. Therefore, to the extent that jurisdictions have
implemented the old standards, their FMIs may be in compliance with a subset of the new standards
even if no actions have been taken to implement the PFMIs.
The importance of transparency
Transparency is one of the key elements of the PFMIs, and underscores effective oversight. It is crucial
given the complexity of implementing standards across multiple FMIs and, typically, multiple regulators
in a single jurisdiction. Transparency is more important than ever in the current global environment
where bank and FMI regulators look to understand the standards domestic regulators apply to their
FMIs. It should be clear to the regulated entities, other bank and FMI regulators, and the informed public
what standards the regulated entities must observe. Therefore transparency is a decisive part of the
rating methodology.
Several jurisdictions have made substantial progress working with their FMIs to observe the
PFMIs, without having yet achieved this level of transparency. The TF believes it is important that all
jurisdictions make it clear and transparent that their FMIs are held to standards consistent with the PFMIs
and expects significant progress will be made in this regard by the end of this year.
Next steps
Level 1 assessments will be conducted regularly until all jurisdictions have achieved Rating Level 4 (or
NA) for Principles and Responsibilities across all FMIs. The next round of Level 1 assessments will be
conducted later this year for publication in early 2014.
The TF is considering the timing and process for beginning the Level 2 assessments.
4
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
Annex A: Members of the CPSS-IOSCO task force on implementation
monitoring
Task force co-chairs
Bank of Canada
Securities and Exchange Commission, US
Members
Reserve Bank of Australia
European Central Bank
Banque de France
Bundesanstalt für Finanzdienstleistungsaufsicht
(Bafin), Germany
Hong Kong Monetary Authority
Securities and Exchange Board of India
Financial Services Agency, Japan
Bank of Japan
Bank of Korea
Central Bank of the Russian Federation
Monetary Authority of Singapore
Sveriges Riksbank, Sweden
Capital Markets Board of Turkey
Bank of England
Board of Governors of the Federal Reserve System
Commodity Futures Trading Commission, US
Secretariats
CPSS
IOSCO
Carol Ann Northcott
Haimera Workie
Sarah Harris
Tom Kokkola
Audrey Metzger
Christian Schindler
Stephen Pang
Shashi Kumar
Jutaro Kaneko
Tomohiro Usui
Jang, Se-Cheon
Nikolay N Geronin
Ken Nagatsuka
Susanna Grufman
Kubilay Dagli
Richard Spooner
Jennifer Lucier
Robert Wasserman
Angela O’Connor
Fusako Watanabe
Philippe Troussard
Youngseok Kim
Yukako Fujioka
The co-chairs would like to thank Sophie Lefebvre (Bank of Canada) for her participation in the drafting
of the report.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
5
Annex B: Rating definitions and colour coding
Rating definitions
(1)
Draft implementation measures not published: This status corresponds to cases where some
measure is needed but so far no draft has been made public on the planned content of the
measure. This status includes cases where a jurisdiction has communicated high-level
information about its implementation plans but such high-level information is not sufficient to
achieve the necessary effect.
(2)
Draft implementation measures published: This status corresponds to cases where the draft
implementation measures are already publicly available, for example, for public consultation or
legislative deliberations.
(3)
Final implementation measures published: This status corresponds to cases where the
required implementation measures have been finalised and approved/adopted so that the
relevant authorities have the necessary powers (a) to require relevant FMIs to observe the
Principles (when implementation of the Principles is being addressed) or (b) to observe the
Responsibilities (when legal authorisation with respect to the Responsibilities is being
addressed). However, the FMIs are not yet required to observe the Principles or the authorities
are not yet authorised to observe the responsibilities.
(4)
Final implementation measures in force: This status corresponds to cases where, in addition
to the required implementation measures having been finalised and approved/adopted, the
Principles are in force or the authorities have the legal capacity to carry out the Responsibilities
(depending on whether implementation of the Principles or Responsibilities is being
addressed).
Where that is broadly the case but a further transitional period has been granted for a small
number of aspects of the Principles that introduce significantly higher requirements than
previously applied (because it is recognised that full observance of those aspects may take
some time to achieve, eg for some aspects of operational risk), Status 4 may also be granted
provided that, in its response, the jurisdiction qualifies the status by clearly stating the relevant
aspects and when the transitional period ends.
(NA)
No implementation measures needed (ie not applicable): This status corresponds to cases
where no relevant FMI exists that is within the scope of the PFMIs. A rating of “NA” will be
indicated only if no relevant regulatory measures are being taken and no such FMI is expected
to develop within the jurisdiction.
Colour coding
In progress
Rating Level 1-3
Completed
Rating Level 4
Not Applicable
6
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
Annex C: Summary jurisdiction tables
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
7
Argentina
Principles/
Responsibilities
FMI
Type
CCPs
Rating
1
Status description / Next steps
Links to the measures
Changed final legislation published on 28 December 2012.
The measure came into force on 28 January 2013.*
CNV - Capital Market Law (Law 26,831), Sec.19, 20, 26, 28 to 46, Part III
Chap.V
http://www.cnv.gob.ar/LeyesyReg/Leyes/ing/LEY26831.htm
Comisión Nacional de Valores (CNV) drafting new binding
regulation. Expected to be published by 31 July 2013. In
some cases there may be extension of deadlines.
PSs
1
Changed final legislation published on 28 March 2012. The
measure came into force on 6 April 2012.*
BCRA - Charter of the Central Bank of the Argentine Republic, Sec. 4(g)
http://www.bcra.gov.ar/pdfs/marco/CartaOrganica2012_i.pdf
Argentina
Other measure is needed but so far no draft has been
made public. Further improvements are expected to be
implemented during 2014.
Principles
CSDs
and
SSSs
1
Changed final legislation published on 28 December 2012.
The measure came into force on 28 January 2013.*
CNV - Capital Market Law (Law 26,831), Sec.19, 20, 26, 28 to 46, Part III
Chap.V [see above for link]
CNV drafting new binding regulation. Expected to be
published by 31 July 2013. In some cases there may be
extension of deadlines.
Changed final legislation published on 28 March 2012. The
measure came into force on 6 April 2012.*
BCRA - Charter of the Central Bank of the Argentine Republic, Sec. 4(g)
[see above for link]
Other measure is needed but so far no draft has been
made public. Further improvements are expected to be
implemented during 2014.
Responsibilities
8
TRs
NA
There is no existing TR or plans underway to develop a
TR.**
CCPs
4
CNV has a legal capacity to implement the Responsibilities.
CNV - Capital Market Law (Law 26,831), Sec.19, 20, 26, 28 to 46, Part III
Chap.V [see above for link]
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
PSs
4
Central Bank of Argentina (Banco Central de la República
Argentina, BCRA) has a legal capacity to implement the
Responsibilities.
BCRA - Charter of the Central Bank of the Argentine Republic, Sec. 4(g)
[see above for link]
CSDs
and
SSSs
4
CNV and BCRA have a legal capacity to implement the
Responsibilities.
CNV - Capital Market Law (Law 26,831), Sec.19, 20, 26, 28 to 46, Part III
Chap.V [see above for link]
TRs
NA
BCRA - Charter of the Central Bank of the Argentine Republic, Sec. 4(g)
[see above for link]
There is no existing TR or plans underway to develop a
TR.**
Comments:
*
Legislation change to empower Argentinian authorities to regulate FMIs occurred in 2012. Authorities are now in process to set up a new regulatory framework for FMIs
under the legislation.
**
Based on local features of the financial system, considering that reporting requirements are partially addressed by BCRA supervisory rules and that transactions under public
offering are agreed and recorded in the market, at present, there are no TRs operating in the local market.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
9
Australia
Principles/
Responsibilities
FMI
Type
Australia
CCPs
4
Status description / Next steps
Links to the measures
Reserve Bank of Australia (RBA) published final changed regulation on
5 December 2012. The measure came into force on 29 March 2013. A
transition period for small subset of Principles will take place until 31
March 2014 at the longest.
RBA - Financial Stability Standards
http://www.rba.gov.au/payments-system/clearingsettlement/standards/central-counterparties/2012/index.html
RBA published final new policy statement on 5 December 2012. The
measure came into force on 29 March 2013.
RBA - The Reserve Bank’s Approach to Assessing
Clearing and Settlement Facility Licensees
http://www.rba.gov.au/payments-system/clearingsettlement/standards/201212-new-fss-ris/pdf/attachment-6.pdf
RBA published final changed guidance on 10 January 2013. The
measure came into force on 29 March 2013.
RBA - Assessing the Sufficient Equivalence of an Overseas
Regulatory Regime
http://www.rba.gov.au/payments-system/clearingsettlement/standards/overseas-equivalence.html
Australian Securities & Investments Commission (ASIC) published final
changed guidance on 18 December 2012. The measure came into
force on the same date.
ASIC - Guidance on licensing and oversight of CS facilities
(Regulatory Guide 211)
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg211published-18-december-2012.pdf/$file/rg211-published-18december-2012.pdf
RBA and ASIC jointly published final new policy statement on 15
February 2013. The measure came into force on the same date.
RBA and ASIC - Implementing the CPSS-IOSCO Principles for
financial market infrastructures in Australia
http://www.rba.gov.au/payments-system/policyframework/principles-fmi.html
RBA published final new policy statement on 15 February 2013. The
measure came into force on the same date.
RBA and ASIC - Implementing the CPSS-IOSCO Principles for
financial market infrastructures in Australia
[see above for link]
Principles
PSs
10
Rating
4
(transitional period)
http://www.rba.gov.au/payments-system/clearingsettlement/applications/index.html
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
CSDs
and
SSSs
4
RBA published final changed regulation on 5 December 2012. The
measure came into force on 29 March 2013. A transition period for
small subset of Principles will take place until 31 March 2014 at the
longest.
See CCPs.
RBA published final new policy statement on 5 December 2012. The
measure came into force on 29 March 2013.
RBA published final changed guidance on 10 January 2013. The
measure came into force on 29 March 2013.
ASIC published final changed guidance on 18 December 2012. The
measure came into force on the same date.
RBA and ASIC jointly published final new policy statement on 15
February 2013. The measure came into force on the same date.
TRs
2
Changed final legislation published on 6 December 2012. The
measure came into force on 3 January 2013.
ASIC - Corporations Act 2001, s901A(6), 902A, 903A, 903D, 903E
http://www.comlaw.gov.au/Details/C2013C00003
ASIC published draft new binding rules and guidance on 15 March
2013. Expected to be finalised and come into force by July 2013.
ASIC - Derivative Trade Repository Rules
ASIC - Regulatory Guide on Derivative Trade Repositories
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp201published-15-March-2013.pdf/$file/cp201-published-15-March2013.pdf
However, there is no existing TR as of 5 April 2013.
CCPs
4
RBA and ASIC have a legal capacity to implement the Responsibilities.
Responsibilities
RBA - Reserve Bank Act 1959
http://www.comlaw.gov.au/Details/C2013C00093
RBA and ASIC (Res.A, B, C) - Corporations Act 2001, Chapter 7
[see above for link]
ASIC (Res.E) - ASIC Act 2001, s127
http://www.comlaw.gov.au/Details/C2013C00002
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
11
PSs
4
RBA has a legal capacity to implement the Responsibilities.
RBA (Res.A, B, C, E) - Reserve Bank Act 1959
[see above for link]
RBA (Res.A) - Payment Systems (Regulation) Act 1998
http://www.comlaw.gov.au/Series/F2006L02980
RBA (Res.A) - Payment Systems and Netting Act 1998
http://www.comlaw.gov.au/Series/C2004A00338
CSDs
and
SSSs
4
RBA and ASIC have a legal capacity to implement the Responsibilities.
See CCPs.
TRs
4
ASIC has a legal capacity to implement the Responsibilities.
ASIC (Res.A, B, C, E) - Corporations Act 2001, s901A-903A
[see above for link]
ASIC (Res.E) - ASIC Act 2001, s127 [see above for link]
However, there is no existing TR as of 5 April 2013.
Comments: There is currently no domestic TR in Australia and Australian authorities don’t expect there to be until after the regime has been finalised. Where there are already
established domestic entities (CCPs, CSDs & SSSs, PS) the PFMIs have been implemented and will apply.
12
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
Belgium
Principles/
Responsibilities
Belgium
Principles
Responsibilities
FMI
Type
Rating
CCPs
(4, see
EU)
PSs
(1, see
EU/Euro
area)
CSDs
and
SSSs
4
TRs
(4, see
EU)
CCPs
NA
PSs
(4, see
EU/Euro
area)
CSDs
and
SSSs
4
Status description / Next steps
National Bank of Belgium (NBB) published
final new circular on 20 July 2012. The
measure came into force on 20 July 2012.
Links to the measures
NBB - Guidelines for the supervision and oversight of CSD/SSS
www.nbb.be/doc/cp/fr/vi/settle/circ/pdf/nbb_2012_06-fr.pdf
There is no existing CCP.
NBB and Financial Services and Markets
Authority (FSMA) have a legal capacity to
implement the Responsibilities.
NBB - Organic Law of 22 February 1998
http://www.nbb.be/doc/ts/enterprise/juridisch/E/organic_act.pdf
FSMA - Law of 2 August 2002
http://www.fsma.be/~/media/Files/fsmafiles/wetgeving/wet_loi/en/law_02-08-2002.ashx
TRs
(NA, see
EU)
Comments:
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
13
Brazil
Principles/
Responsibilities
FMI
Type
CCPs
Rating
1
Status description / Next steps
Links to the measures
Banco Central do Brasil (BCB) drafting changed legislation.
Additionally, significant progress has been made to implement
many of the Principles. See below comment box for details.
PSs
Principles
1
BCB drafting changed legislation.
Additionally, significant progress has been made to implement
many of the Principles. See below comment box for details.
CSDs
and
SSSs
1
TRs
1
BCB drafting changed legislation.
Additionally, significant progress has been made to implement
many of the Principles. See below comment box for details.
BCB drafting changed legislation.
Additionally, significant progress has been made to implement
many of the Principles. See below comment box for details.
4
Brazil
CCPs
BCB and Comissão de Valores Mobiliários (CVM) have a legal
capacity to implement the Responsibilities.
BCB and CVM (Res.A, B, C, E) - Resolution 2882/2001, Art.5, 6
http://www.bcb.gov.br/pre/normativos/res/2001/pdf/res_2882_v2_L.pdf
BCB (Res.B) - Law 4595/1964, Art.44
http://www.planalto.gov.br/ccivil_03/leis/l4595.htm
CVM (Res.B) - Law 6385/1976, Art.11
http://www.planalto.gov.br/ccivil_03/leis/l6385.htm
BCB and CVM (Res.E) - Law 10,214/2001, Art.10
http://www.planalto.gov.br/ccivil_03/Leis/LEIS_2001/L10214.htm
Responsibilities
PSs
4
BCB has a legal capacity to implement the Responsibilities.
BCB (Res.A, B, C, E) - Resolution 2882/2001, Art.5, 6
[see above for link]
BCB (Res.B) - Law 4595/1964, Art.44 [see above for link]
BCB (Res.E) - Law 10,214/2001, Art.10 [see above for link]
CSDs
and
SSSs
14
4
BCB and CVM have a legal capacity to implement the
Responsibilities.
See CCPs.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
TRs
4
BCB and CVM have a legal capacity to implement the
Responsibilities.
BCB and CVM (Res.A, B, C, E) - Resolution 2882/2001, Art.5, 6
[see above for link]
BCB (Res.B) - Law 4595/1964, Art.44 [see above for link]
CVM (Res.B) - Law 6385/1976, Art.11 [see above for link]
BCB and CVM (Res.E) - Law 10,214/2001, Art.10 [see above for link]
As of 5 April 2013, TR was regulated as one of the services provided
by CSDs/SSSs. Under the new legislation published on 15 May
2013, TR became regulated as an independent FMI category.
BCB and CVM - Law 12810/2013
http://www.planalto.gov.br/ccivil_03/_Ato20112014/2013/Lei/L12810.htm
Comments: Brazilian authorities conducted a mapping of the Principles and concluded that its existing laws and regulations comply with most of the Principles in the PFMIs, except for
the Principle 15. Also, although it does not explicitly refer to the PFMIs, the FMIs are publicly informed by the Circular issued in 2001 that they are expected to observe the “applicable
principles, values, and rules related to payment system”.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
15
Canada
Principles/
Responsibilities
FMI
Type
Canada
CCPs
Rating
3
Principles
Status description / Next steps
Links to the measures
Responsible authorities’ competences fully overlap.
Bank of Canada (BOC) published final changed guidance on 6
December 2012. The measure came into force on the same date.
Exact date to require FMIs to observe a small number of aspects of
the Principles is to be determined. See below comment box for
details.
BOC - Guideline Related to Bank of Canada Oversight Activities
under the Payment Clearing and Settlement Act
http://www.bankofcanada.ca/financial-system/payments/guidelinerelated-oversight-activities/
Ontario Securities Commission (OSC) published final changed
terms and conditions on 4 July 2012 for FMI that it currently
recognizes. Autorité des marchés financiers (AMF) published similar
measures on 2 May 2012 (CDCC) and 4 July 2012 (CDS). British
Columbia Securities Commission (BCSC) published similar measure
on 11 July 2012. Measures came into force on the same dates. Exact
date to require FMIs to observe a small number of aspects of the
Principles is to be determined. See below comment box for details.
OSC - Terms and conditions on recognition of CDS
http://www.osc.gov.on.ca/en/SecuritiesLaw_ord_20130104_224_cds.
htm
AMF - Terms and conditions on recognition of CDS, s.170 QSA
http://www.lautorite.qc.ca/files/pdf/bourses-oarchambres/decision_2012-pdg-0142.pdf
AMF - Terms and condition on recognition of CDCC, s.15 QDA
http://www.lautorite.qc.ca/files/pdf/bourses-oarchambres/decision_2012-pdg-0078.pdf
BCSC - Terms and Conditions on recognition of CDS
http://www.bcsc.bc.ca/uploadedFiles/securitieslaw/policyBCN/CDS_
Clearing_and_Depository_Services_Inc_Recognition_Order_July_11_2
012_V2.pdf
OSC drafting new terms and conditions for newly recognised FMI.
Expected to be published in August 2013.
PSs
16
3
BOC published final changed guidance on 6 December 2012. The
measure came into force on the same date. Exact date to require
FMIs to observe a small number of aspects of the Principles is to be
determined. See below comment box for details.
BCSC - Terms and Conditions on recognition of CDCC
http://www.bcsc.bc.ca/uploadedFiles/securitieslaw/policyBCN/CDCC
_Recognition_Order_July_11_2012_V2.pdf
BOC - Guideline Related to Bank of Canada Oversight Activities
under the Payment Clearing and Settlement Act
[see above for link]
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
CSDs
and
SSSs
TRs
3
2
Responsible authorities’ competences fully overlap.
BOC published final changed guidance on 6 December 2012. The
measure came into force on the same date. Exact date to require
FMIs to observe a small number of aspects of the Principles is to be
determined. See below comment box for details.
BOC - Guideline Related to Bank of Canada Oversight Activities
under the Payment Clearing and Settlement Act
OSC published final changed terms and conditions on 4 July 2012
for FMI that it currently recognizes. AMF published similar measure
on 4 July 2012. BCSC published similar measure on 11 July 2012.
The measures came into force on the same dates. Exact date to
require FMIs to observe a small number of aspects of the Principles
is to be determined. See below comment box for details.
OSC - Terms and conditions on recognition of CDS
[see above for link]
[see above for link]
AMF - Terms and conditions on recognition of CDS, s.170 QSA
[see above for link]
BCSC - Terms and Conditions on recognition of CDS
[see above for link]
Responsible authorities’ competences fully overlap.
Canadian Securities Administrators (CSA) published first draft of
new binding rules on 6 December 2012. Revised draft rule
published for comment again on 6 June 2013. Expected to be
finalised and come into force by Q1 2014.
CSA - CSA Consultation Paper 91-301 Model Provincial Rules
http://www.lautorite.qc.ca/files/pdf/consultations/derives/2012dec0
6-91-301-consultation-modelrule-en.pdf
CSA - CSA Consultation Paper 91-402 Derivatives: Trade
Repositories
http://www.lautorite.qc.ca/files/pdf/consultations/derives/2011juin2
3-91-402-cons-paper-en.pdf
Revised draft rule published on 6 June 2013
http://www.osc.gov.on.ca/en/SecuritiesLaw_rule_20130606_91506_91-507_rfc-derivatives.htm
However, there is no TR as of 5 April 2013.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
17
CCPs
4
BOC, OSC, AMF and BCSC have a legal capacity to implement the
Responsibilities.
BOC - Payment clearing and Settlement Act, Sec.4, 6, 9, 14, 15, 17,
18
http://laws.justice.gc.ca/eng/acts/P-4.4/FullText.html
OSC - Securities Act (Ontario), ss. 1, 19, 20, 21.2, 21.6, 21.8 (3), 143,
143.8
http://www.elaws.gov.on.ca/html/statutes/english/elaws_statutes_90s05_e.htm
AMF - Derivatives Act (Québec), s.12, 15
http://www2.publicationsduquebec.gouv.qc.ca/dynamicSearch/telec
harge.php?type=2&file=/I_14_01/I14_01_A.html
AMF - Securities Act (Québec), s.169, 170
http://www2.publicationsduquebec.gouv.qc.ca/dynamicSearch/telec
harge.php?type=2&file=/V_1_1/V1_1_A.html
AMF - An Act respecting the Autorité des Marchés Financiers
http://www2.publicationsduquebec.gouv.qc.ca/dynamicSearch/telec
harge.php?type=2&file=%2F%2FA_33_2%2FA33_2_A.htm
BCSC - Securities Act (British Columbia), s.24
http://www.bclaws.ca/EPLibraries/bclaws_new/document/ID/freesid
e/00_96418_01
Responsibilities
PSs
4
BOC has a legal capacity to implement the Responsibilities.
BOC - Payment clearing and Settlement Act [see above for link]
CSDs
and
SSSs
4
BOC, OSC, AMF and BCSC have a legal capacity to implement the
Responsibilities.
BOC - Payment clearing and Settlement Act [see above for link]
OSC - Securities Act (Ontario), ss. 1, 19, 20, 21.2, 21.6, 21.8 (3), 143,
143.8 [see above for link]
AMF - Securities Act (Québec), s.169, 170 [see above for link]
AMF - An Act respecting the Autorité des Marchés Financiers
[see above for link]
BCSC - Securities Act (British Columbia) [see above for link]
TRs
4
OSC and AMF have a legal capacity to implement the
Responsibilities.
OSC - Securities Act (Ontario), ss.1, 19, 20, 21.2.2, 21.6, 143, 143.8
[see above for link]
AMF - Derivatives Act (Québec), s.12, 15 [see above for link]
However, there is no TR as of 5 April 2013.
18
AMF - An Act respecting the Autorité des Marchés Financiers
[see above for link]
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
Comments:
- As for CCPs, PSs, CSDs and SSSs, the Principles have been adopted and are currently in force in Canada. Systemically important FMIs are expected to observe the Principles in their
day-to-day activities. Because FMIs require some changes to fully observe the Principles, Canadian authorities have granted a transition period for a small subset of Principles, or
aspects thereof. Authorities are working with the FMIs to close gaps in their adherence to the Principles. As a first step, in 2012 the owners and operators of Canada’s systemically
important FMIs initiated detailed self-assessments against the Principles to identify their current gaps in observance. In 2013, each FMI is developing a plan to address its gaps.
Canadian authorities are currently in the process of reviewing the self-assessments and plans to ensure gaps have been identified and will be addressed within appropriate
timeframes. The final step is for Canadian authorities to articulate a transition timeline for FMIs to observe all the Principles, or aspects thereof, for which there are gaps in
adherence. Authorities are endeavouring to complete this timeline by the end of 2013.
- The Canadian Securities Administrators (CSA) is an informal body comprised of the 10 provincial and 3 territorial securities regulators in Canada. The CSA is primarily responsible
for developing a harmonized approach to securities regulation across the country. Certain securities regulators (which form part of the CSA) currently oversee FMIs.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
19
Chile
Principles/
Responsibilities
FMI
Type
CCPs
Rating
1
Status description / Next steps
Links to the measures
Chilean Securities and Insurance Supervisor (Superintendencia
de Valores y Seguros, SVS) drafting changed binding rules.
Expected to be published by early 2014.
SVS drafting new binding regulations. Expected to be
published by early 2014.
Additionally, significant progress has been made to implement
many of the Principles. See below comment box for details.
SVS and Central Bank of Chile (Banco Central de Chile, CBC)
approved changed CCP rulebook for stocks on 2 January 2013.
The measure published and came into force on the same date.
CCLV rulebook, Section C
http://www.cclv.cl/Documents/Normativa/2013/20130103%20Normas_de_
Funcionamiento_EXTERNA_APROBADA_2013.pdf
Chile
CCP drafting changed rulebook for exchange-traded futures.
Expected to be approved by SVS and CBC by mid-2013.
Principles
PSs
1
Measure is needed but so far no draft has been made public.
Additionally, significant progress has been made to implement
many of the Principles. See below comment box for details.
CSDs
and
SSSs
1
SVS drafting changed binding rules. Expected to be published
by early 2014.
SVS drafting new binding regulations. Expected to be
published by early 2014.
CBC drafting changed binding rules. Expected to be published
by end 2014.
Additionally, significant progress has been made to implement
many of the Principles. See below comment box for details.
TRs
20
1
SVS drafting new binding regulations. Expected to be
published by early 2014.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
CCPs
4
SVS and CBC have a legal capacity to implement the
Responsibilities.
SVS and CBC - Law Nº20,345, Art.2, 10, 11
http://www.svs.gob.cl/sitio/legislacion_normativa/doc/ley_20345_comp_y_l
iq.pdf
SVS - D.S. Nº3.538, Art.4
http://www.svs.cl/sitio/english/normativa/general/Organica%203538%20%20ingles.pdf
Responsibilities
CBC - Basic Constitutional Act of the Central Bank of Chile
http://www.bcentral.cl/eng/about/basic-constitutional-act/index.htm
PSs
4
CBC has a legal capacity to implement the Responsibilities.
CBC - Basic Constitutional Act of the Central Bank of Chile
[see above for link]
CSDs
and
SSSs
4
SVS and CBC have a legal capacity to implement the
Responsibilities.
SVS - Law Nº18,876, Art.1, 25, 35
http://www.svs.cl/sitio/legislacion_normativa/marco_legal/ley18876_junio_
2009.pdf
SVS - D.S. Nº3.538, Art.4 [see above for link]
TRs
1
SVS drafting new binding regulations. Expected to be
published by early 2014.
Comments:
- Chilean authorities state that its existing laws and regulations comply with most of the Principles in the PFMIs. See list of existing measures.
- OTC derivatives’ CCP is still in development.
- Once the figure of “TR” is established in new regulations, SVS will have the legal capacity to supervise TR, considering the D.S. Nº3.538.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
21
China
Principles/
Responsibilities
FMI
Type
CCPs
Rating
1
Status description / Next steps
Links to the measures
People's Bank of China (PBC) drafting new notice and policy
statement. Notice is expected to be published by June 2013.
China Securities Regulatory Commission (CSRC) published new notice
on 8 May 2013, disclosed only to the FMIs. CSRC drafting new policy
statement.
PSs
1
PBC drafting new notice and policy statement. Notice is expected to
be published in June 2013.
CSDs
and
SSSs
1
PBC drafting new notice and policy statement. Notice is expected to
be published in June 2013.
TRs
NA
There is no existing TR or plans underway to develop a TR.
CCPs
4
PBC and CSRC have a legal capacity to implement the
Responsibilities.
CSRC published new notice on 8 May 2013, disclosed only to the
FMIs. CSRC drafting new policy statement.
China
Principles
PBC - Law of the People's Republic of China on the People's Bank of
China, Art.4, 27, 32
http://www.pbc.gov.cn/publish/english/964/1954/19541/19541_.html
CSRC - Law of the People’s Republic of China on Securities, Art. 155,
158, 156
http://www.csrc.gov.cn/pub/csrc_en/laws/rfdm/statelaws/201205/t2012
0525_210597.htm
Responsibilities
PSs
4
PBC has a legal capacity to implement the Responsibilities.
PBC - Law of the People's Republic of China on the People's Bank of
China, Art.4, 27, 32 [see above for link]
CSDs
and
SSSs
4
PBC and CSRC have a legal capacity to implement the
Responsibilities.
PBC - Law of the People's Republic of China on the People's Bank of
China, Art.4, 27, 32 [see above for link]
TRs
NA
CSRC - Law of the People’s Republic of China on Securities, Art. 155,
158, 156 [see above for link]
There is no existing TR or plans underway to develop a TR.
Comments:
- The notice by CSRC titled “The Notice on the Implementation of Principles of Financial Market Infrastructure (CSRC [2013] NO.42)” was circulated to FMIs and exchanges on May 8th
2013, but not available to public.
- The notice by PBC will explicitly refer to the PFMIs.
22
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
European Union
Principles/
Responsibilities
FMI
Type
CCPs
Rating
4*
Status description / Next steps
Links to the measures
New final legislation published on 27 July 2012. The measure came
into force on 16 August 2012.
European Market Infrastructure Regulation (EMIR)
www.eurlex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2012:201:0001:0
059:EN:PDF
The related new final secondary legislation, published on 23 February
2013, came into force on 15 March 2013.
EMIR Regulatory Technical Standards
http://eurlex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:052:0037:0
040:EN:PDF
European Union
http://eurlex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:052:0041:0
074:EN:PDF
The legislation contains a provision according to which existing CCPs
have to apply for a new license within 6 months of entry into force of
binding regulations, or cease operation. At time of licensing there is a
formal assessment that CCPs comply with legislative provisions. It is
expected that all EU CCPs will apply for a new license. The EU states
that the legislations are being enforceable as of 15 March 2013 and
are actually enforced by authorities as of that date.
Principles
PSs
CSDs
and
SSSs
1*,**
2*
Eurosystem to adopt PFMIs as oversight standards. Adopted on 3
June 2013.
Eurosystem - Adoption of the PFMIs
http://www.ecb.europa.eu/press/govcdec/otherdec/2013/html/g
c130621.en.html
European Central Bank (ECB) drafting new binding regulation. Draft
regulation published on 7 June 2013. Expected to be finalised by end
2013, and come into force one year after the finalisation.
ECB - Draft regulation on oversight requirements for systemically
important systems
http://www.ecb.europa.eu/press/pr/date/2013/html/pr130607.en.
html
New draft legislation published on 7 March 2012. Expected to be
finalised in 2013.
Draft CSD Regulation
http://eurlex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:520
12PC0073:EN:PDF
New binding regulations being drafted. Expected to be finalised in
2014, and come into force in 2015.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
23
TRs
4***
New final legislation was published on 27 July 2012. The measure
came into force on 16 August 2012.
EMIR, Title VI and Title VII [see above for link]
The related new final secondary legislation, published on 23 February
2013, came into force on 15 March 2013.
EMIR Regulatory Technical Standards
http://eurlex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:052:0025:0
032:EN:PDF
The legislation contains a provision according to which TRs have to
apply for a license within 6 months of entry into force of binding
regulations. At time of licensing there is a formal assessment that TRs
comply with legislative provisions. There is no re-authorisation as
there are no entities authorised as TRs in the EU. The EU states that
the legislations are being enforceable as of15 March 2013.
CCPs
NA*
NA is based on the fact that the rating applies to the authority having
primary responsibility, which is the national competent authority
based on EU legislation. Accordingly a rating is provided at the
country level.
PSs
4*,**
The Eurosystem has a legal capacity to implement the Responsibilities.
Treaty on the Functioning of the European Union, 4th indent Art
127(2)
http://eurlex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2008:115:0047:0
199:en:PDF
Protocol on the statute of the European System of Central banks,
4th indent of Art 3.1 and Art 22
http://www.ecb.int/ecb/legal/pdf/en_statute_2.pdf
Responsibilities
CSDs
and
SSSs
NA*
TRs
4***
As of 5 April, responsibilities lie with national competent authorities.
Accordingly the rating is provided at the country level.
The CSD Regulation proposal defines a EU harmonized supervisory
framework with supervisory responsibilities lying with national
competent authorities.
European Securities and Markets Authority (ESMA) has a legal
capacity to implement the Responsibilities.
EMIR, Chapters 1 and 2 under Title VI [see above for link]
EMIR Regulatory Technical Standard on application for TR status
[see above for link]
Regulation (EU) No 1095/2010 establishing ESMA
http://www.esma.europa.eu/system/files/Reg_716_2010_ESMA.pdf
Comments:
* As for the euro area, the Eurosystem is due to adopt the PFMIs as Eurosystem oversight standards and has a legal capacity to implement the Responsibilities.
** As for the Principles and Responsibilities applying on payment systems, the ratings apply to the euro area. For non-euro area jurisdictions, the rating is provided at the country level.
*** As for the euro area, the Eurosystem will contribute to the implementation of Responsibility E.
24
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
France
Principles/
Responsibilities
Principles
FMI
Type
Rating
CCPs
(4, see EU)
PSs
(1, see
EU/Euro
area)
CSDs
and
SSSs
(2, see EU)
TRs
(4, see EU)
CCPs
4
Status description / Next steps
Banque de France (BDF), Autorité des Marchés Financiers (AMF) and
Autorité de Contrôle Prudentiel (ACP) have a legal capacity to
implement the Responsibilities.
Links to the measures
BDF - Monetary and Financial Code, Art 141-4, L631-1, L632-4
http://www.legifrance.gouv.fr/Traductions/en-English/Legifrancetranslations
France
AMF - Monetary and Financial Code, Art L621.7
http://www.legifrance.gouv.fr/Traductions/en-English/Legifrancetranslations
AMF - General Regulation
http://www.amffrance.org/affiche_plan.asp?IdSec=4&IdRub=96&IdPlan=159&Id
_Tab=0
Responsibilities
PSs
(4, see
EU/Euro
area)
CSDs
and
SSSs
4
BDF and AMF have a legal capacity to implement the Responsibilities.
BDF - Monetary and Financial Code, Art 141-4, L631-1, L632-4
[see above for link]
AMF - Monetary and Financial Code, Art L621.7
[see above for link]
AMF - General Regulation [see above for link]
TRs
(NA, see
EU)
Comments:
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
25
Germany
Principles/
Responsibilities
Germany
Principles
FMI
Type
Rating
CCPs
(4, see EU)
PSs
(1, see
EU/Euro
area)
CSDs
and
SSSs
(2, see EU)
TRs
(4, see EU)
CCPs
4
PSs
(4, see
EU/Euro
area)
CSDs
and
SSSs
4
TRs
(NA, see
EU)
Responsibilities
Status description / Next steps
Links to the measures
Bundesanstalt für Finanzdienstleistungsaufsicht (Bafin) and Deutsche
Bundesbank (Buba) have a legal capacity to implement the
Responsibilities.
Bafin - Banking Act, § 6, § 25a,§ 7, 7a 7b,7c
http://www.gesetze-im-internet.de/kredwg/index.html
Bafin and Buba have a legal capacity to implement the
Responsibilities.
Bafin - Banking Act, § 6, § 25a,§ 7, 7a 7b,7c
[see above for link]
Buba - Bundesbank Act, Art 3
http://www.bundesbank.de/Redaktion/EN/Downloads/Bundesba
nk/Tasks_and_organisation/bundesbank_act.pdf?__blob=publicati
onFile
Buba - Bundesbank Act, art 3 [see above for link]
Comments: German authorities already use in practice the PFMIs as their oversight and supervisory framework for SSS/CSDs in advance of the adoption of the draft EU regulation.
26
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
Hong Kong
Principles/
Responsibilities
FMI
Type
Rating
Status description / Next steps
CCPs
3
Securities and Futures Commission (SFC) published final new policy
statement on 28 March 2013. Exact date to require FMIs to observe
the Principles to be determined by SFC.
HKMA and SFC - Hong Kong commits to global regulatory
standards on financial market infrastructures
http://www.hkma.gov.hk/eng/key-information/pressreleases/2013/20130328-6.shtml; or
http://www.sfc.hk/edistributionWeb/gateway/EN/news-andannouncements/news/doc?refNo=13PR28
PSs
4
Hong Kong Monetary Authority (HKMA) published final new policy
statement on 28 March 2013. The measure came into force on the
same date.
HKMA and SFC - Hong Kong commits to global regulatory
standards on financial market infrastructures
[see above for link]
HKMA published final changed guideline on 28 March 2013. The
measure came into force on the same date.
HKMA - Guideline on the Oversight Framework for Designated
Systems
http://www.hkma.gov.hk/media/eng/doc/key-functions/bankingstability/oversight/guideline.pdf
3 (SFC)
SFC published final new policy statement on 28 March 2013. Exact
date to require FMIs to observe the Principles to be determined by
SFC.
See CCPs.
4 (HKMA)
HKMA published final new policy statement on 28 March 2013. The
measure came into force on the same date.
See PSs.
Principles
CSDs
and
SSSs
Hong Kong SAR
Links to the measures
HKMA published final changed guideline on 28 March 2013. The
measure came into force on the same date.
Responsibilities
TRs
3
HKMA published final new policy statement on 28 March 2013. HKMA
to determine the exact date to require FMIs to observe the Principles
by Q2 2013.
HKMA and SFC - Hong Kong commits to global regulatory
standards on financial market infrastructures
[see above for link]
CCPs
4
SFC has a legal capacity to implement the Responsibilities.
SFC - Securities and Futures Ordinance
http://www.legislation.gov.hk/blis_pdf.nsf/6799165D2FEE3FA9482
5755E0033E532/5167961DDC96C3B7482575EF001C7C2D/$FILE/C
AP_571_e_b5.pdf
PSs
4
HKMA has a legal capacity to implement the Responsibilities.
HKMA - Clearing and Settlement Systems Ordinance
http://www.legco.gov.hk/yr03-04/english/ord/ord020-04-e.pdf
CSDs
and
SSSs
4
HKMA and SFC have a legal capacity to implement the
Responsibilities.
HKMA - Clearing and Settlement Systems Ordinance
[see above for link]
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
SFC - Securities and Futures Ordinance [see above for link]
27
TRs
4
HKMA has a legal capacity to implement the Responsibilities.
HKMA - Exchange Fund Ordinance
http://www.legislation.gov.hk/blis_pdf.nsf/4f0db701c6c25d4a482
5755c00352e35/B14512AEA9D0D8E9482575EE0036BEF8/$FILE/C
AP_66_e_b5.pdf
HKMA - Policy statement on oversight of FMI by the HKMA
http://www.hkma.gov.hk/media/eng/doc/key-functions/bankingstability/oversight/FMI_oversight.pdf.
Comments:
- The SFC, recognising that the CCPs may need a bit more transitional time to implement a few aspects of the Principles that are new or demand higher standards than previously
required, will set the exact date by which the CCPs are required to observe fully the Principles later taking into account the self-assessment reports provided by the CCPs.
- The CCP (Hong Kong Securities Clearing Company Limited, HKSCC) also performs the role of CSD and SSS. See first bullet above regarding timing for full observance of the
Principles.
- The two CSDs in Hong Kong (HKSCC and CMU) are regulated separately by SFC and HKMA without overlapping competencies.
28
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
India
Principles/
Responsibilities
FMI
Type
Status description / Next steps
1 (RBI - non
exchange
markets)
Reserve Bank of India (RBI) drafting new policy statement.
1 (SEBI exchange
markets)
Measure is needed but so far no draft has been made public.
PSs
1
RBI drafting new policy statement.
CSDs
and
SSSs
1(RBI)
RBI drafting new policy statement.
1(SEBI)
Measure is needed but so far no draft has been made public.
CCPs
India
Rating
Links to the measures
Additionally, significant progress has been made to ensure FMI
compliance with the Principles. See below comment box for details.
Additionally, significant progress has been made to ensure FMI
compliance with the Principles. See below comment box for details.
Principles
Additionally, significant progress has been made to ensure FMI
compliance with the Principles. See below comment box for details.
TRs
1
RBI drafting new policy statement.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
29
CCPs
4
RBI and Securities and Exchange Board of India (SEBI) have a legal
capacity to implement the Responsibilities.
RBI - Payment and Settlement Systems Act, 2007
http://rbidocs.rbi.org.in/rdocs/Publications/PDFs/86706.pdf
http://rbidocs.rbi.org.in/rdocs/Publications/PDFs/86707.pdf
SEBI - Securities Contracts (Regulation) Act 1956.
http://www.sebi.gov.in/cms/sebi_data/attachdocs/1374642840584.
pdf
SEBI - SEBI Act 1992
http://www.sebi.gov.in/cms/sebi_data/attachdocs/1374643650792.
pdf
SEBI - Securities Contract (Regulation) (Stock Exchange and
Clearing Corporations) Regulations 2012
http://www.sebi.gov.in/cms/sebi_data/attachdocs/1340272091708.
pdf
Responsibilities
SEBI - Depositories Act 1996
http://www.sebi.gov.in/cms/sebi_data/attachdocs/1374643599225.
pdf
SEBI - (Depositories and Participants) Regulations, 1996
http://www.sebi.gov.in/cms/sebi_data/pdffiles/20182_t.pdf
PSs
4
RBI has a legal capacity to implement the Responsibilities.
RBI - Payment and Settlement Systems Act, 2007
[see above for link]
CSDs
and
SSSs
4
RBI and SEBI have a legal capacity to implement the Responsibilities.
See CCPs.
TRs
4
RBI has a legal capacity to implement the Responsibilities.
RBI - Reserve Bank of India Act 1934, section 45W
[see above for link]
Comments:
- For CCPs and CSDs and SSSs: The RBI and SEBI have individual ratings as they each observe different regulatory frameworks, and the FMIs under the oversight of each authority is
different and there is no overlap between the two authority for a specific FMIs.
- For CCPs (RBI): Oversight of the CCP is undertaken based on the PFMIs framework.
- For CCPs and CSDs and SSSs (SEBI): Measures are forthcoming to publically clarify that the PFMIs are the standards by which FMIs are held accountable. However, SEBI states that the
present legal and regulatory framework covers most of the applicable Principles for FMIs.
30
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
Italy
Principles/
Responsibilities
FMI
Type
CCPs
(4, see EU)
PSs
(1, see
EU/Euro
area)
CSDs
and
SSSs
(2, see EU)
TRs
(4, see EU)
CCPs
4
PSs
(4, see
EU/Euro
area)
CSDs
and
SSSs
4
TRs
(NA, see
EU)
Principles
Italy
Rating
Responsibilities
Status description / Next steps
Links to the measures
Commissione Nazionale per le Società e la Borsa (Consob) and Banca
d'Italia (BdI) have a legal capacity to implement the Responsibilities.
BdI and Consob - Consolidated Law on Finance
http://www.consob.it/mainen/documenti/english/laws/fr_decree5
8_1998.htm
Consob and BdI have a legal capacity to implement the
Responsibilities.
BdI and Consob - Consolidated Law on Finance
[see above for link]
Comments:
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
31
Japan
Principles/
Responsibilities
FMI
Type
CCPs
PSs
Rating
4
4
Links to the measures
Financial Services Agency (FSA) published final new policy statement
on 18 December 2012. The measure came into force on the same
date.
FSA - Policy on supervision of FMIs
http://www.fsa.go.jp/inter/ios/20121218-2.html
Bank of Japan (BOJ) published final changed policy statement on 12
March 2013. The measure came into force on 1 April 2013.
BOJ - Policy on Oversight of Financial Market Infrastructures
http://www.boj.or.jp/en/announcements/release_2013/rel130312
a.htm
FSA published final new policy statement on 18 December 2012. The
measure came into force on the same date.
See CCPs.
BOJ published final changed policy statement on 12 March 2013. The
measure came into force on 1 April 2013.
Principles
Japan
Status description / Next steps
CSDs
and
SSSs
4
TRs
4
FSA published final new policy statement on 18 December 2012. The
measure came into force on the same date.
See CCPs.
BOJ published final changed policy statement on 12 March 2013. The
measure came into force on 1 April 2013.
FSA published final new policy statement on 18 December 2012. The
measure came into force on the same date.
See CCPs.
BOJ published final changed policy statement on 12 March 2013. The
measure came into force on 1 April 2013.
CCPs
Responsibilities
4
FSA and BOJ have a legal capacity to implement the Responsibilities.
FSA (Res.A, B, C, E) - Financial Instruments Exchange Act, Art.1566, 156-12, 156-12-3, 156-13, 156-15, 156-16, 156-17, 156-18,
156-20-23
http://www.fsa.go.jp/common/law/fie01.pdf
FSA (Res.E) - Act for Establishment of the Cabinet Office, Art.40
http://law.e-gov.go.jp/htmldata/H11/H11HO089.html
BOJ - Bank of Japan Act, 1(2)
http://www.japaneselawtranslation.go.jp/law/detail/?id=92&vm=
02&re=01
32
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
PSs
4
FSA and BOJ have a legal capacity to implement the Responsibilities.
FSA (Res.A, B, C, E) - Payment Services Act, Art.69, 76, 77, 79, 80,
81, 86
http://law.e-gov.go.jp/cgibin/idxselect.cgi?IDX_OPT=1&H_NAME=%8e%91%8b%e0%8c%8
8%8d%cf&H_NAME_YOMI=%82%a0&H_NO_GENGO=H&H_NO_
YEAR=&H_NO_TYPE=2&H_NO_NO=&H_FILE_NAME=H21HO059
&H_RYAKU=1&H_CTG=1&H_YOMI_GUN=1&H_CTG_GUN=1
FSA (Res.B) - Cabinet Office Ordinance on Fund Clearing
Organization, Art.13, 15
http://law.e-gov.go.jp/cgibin/idxselect.cgi?IDX_OPT=1&H_NAME=%8e%91%8b%e0%90%
b4%8e%5a&H_NAME_YOMI=%82%a0&H_NO_GENGO=H&H_N
O_YEAR=&H_NO_TYPE=2&H_NO_NO=&H_FILE_NAME=H22F100
01000005&H_RYAKU=1&H_CTG=1&H_YOMI_GUN=1&H_CTG_G
UN=1
FSA (Res.E) - Act for Establishment of the Cabinet Office, Art.40
[see above for link]
BOJ - Bank of Japan Act, 1(2) [see above for link]
CSDs
and
SSSs
4
FSA and BOJ have a legal capacity to implement the Responsibilities.
FSA (Res.A, B, C, E) - Act on Book-Entry Transfer of Company
bonds, Shares etc., Art.1, 6, 16, 17, 18, 19, 20, 21, 22, 23, 25, 27,
29, 31, 40, 41, 47, 48, 49, 50, 285
http://law.e-gov.go.jp/cgibin/idxselect.cgi?IDX_OPT=1&H_NAME=%8e%d0%8d%c2%81%4
1%8a%94%8e%ae%93%99%82%cc%90%55%91%d6%82%c9%8a
%d6%82%b7%82%e9%96%40%97%a5&H_NAME_YOMI=%82%a
0&H_NO_GENGO=H&H_NO_YEAR=&H_NO_TYPE=2&H_NO_NO
=&H_FILE_NAME=H13HO075&H_RYAKU=1&H_CTG=1&H_YOMI
_GUN=1&H_CTG_GUN=1
FSA (Res.E) - Act for Establishment of the Cabinet Office, Art.40
[see above for link]
BOJ - Bank of Japan Act, 1(2) [see above for link]
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
33
TRs
4
FSA and BOJ have a legal capacity to implement the Responsibilities.
FSA (Res.A,B,C) - Financial Instruments Exchange Act, Art.1, 15665, 156-66, 156-73, 156-74, 156-77, 156-78, 156-79, 156-80, 15681, 156-82, 156-83, 156-84
[see above for link]
FSA (Res.E) - Act for Establishment of the Cabinet Office, Art.40
[see above for link]
BOJ - Bank of Japan Act, 1(2) [see above for link]
Comments:
34
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
Korea
Principles/
Responsibilities
FMI
Type
CCPs
Rating
2
Status description / Next steps
Financial Services Commission (FSC) published a press release on 19
June 2012. Implementation measures expected to be finalized and
come into force by the end of 2013.
Links to the measures
FSC - FSC Plan in Line with PFMIs
http://www.fsc.go.kr/downManager?bbsid=BBS0048&no=83738
Korea
Additionally, significant progress has been made to ensure FMI
compliance with the Principles. See below comment box for details.
Principles
Bank of Korea (BOK) published final changed binding regulation on
27 December 2012. The measure came into force on the same date.
BOK - FMI regulation
http://www.bok.or.kr/down.search?file_path=/attach/eng/650/201
3/07/1372729166928.pdf&file_name=Regulation_PSS_Bank+of+K
orea.pdf
PSs
4
BOK published final changed binding regulation on 27 December
2012. The measure came into force on the same date.
BOK - FMI regulation [see above for link]
CSDs
and
SSSs
2
FSC published a press release on 19 June 2012. Implementation
measures expected to be finalized and come into force by the end of
2013.
See CCPs.
Additionally, significant progress has been made to ensure FMI
compliance with the Principles. See below comment box for details.
BOK published final changed binding regulation on 27 December
2012. The measure came into force on the same date.
TRs
1
Measure is needed but so far no draft has been made public.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
35
CCPs
4
FSC and BOK have a legal capacity to implement the Responsibilities.
FSC (Res.A, B, C) - Financial Markets Act, Art.306, 307, 410, 411,
419
http://www.fsc.go.kr/downManager?bbsid=BBS0085&no=83177
FSC (Res.E) - FSC Act, Art. 17
http://www.fsc.go.kr/downManager?bbsid=BBS0085&no=83146
BOK (Res.A, B) - Bank of Korea Act, Art. 81
http://www.bok.or.kr/down.search?file_path=/attach/eng/824/20
13/06/1371088301870.pdf&file_name=Bank+of+Korea+Act_201
2.3.21.pdf
BOK (Res.A, B) - FMI regulation, Art.3, 34, 35, 39
[see above for link]
BOK (Res.C, E) - FMI regulation, Art. 3, 42 [see above for link]
Responsibilities
PSs
4
BOK has a legal capacity to implement the Responsibilities.
BOK (Res.A, B) - Bank of Korea Act, Art.81 [see above for link]
BOK (Res.A, B) - FMI regulation, Art. 3, 34, 35, 39
[see above for link]
BOK (Res.C, E) - FMI regulation, Art.3, 42 [see above for link]
CSDs
and
SSSs
4
FSC and BOK have a legal capacity to implement the Responsibilities.
TRs
1
Measure is needed but so far no draft has been made public.
See CCPs.
Comments: For CCPs and CSDs/SSSs: FMIs conducted self-assessments against the PFMIs and are in the process of reducing the gaps.
36
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
Mexico
Principles/
Responsibilities
FMI
Type
Rating
Status description / Next steps
CCPs
1
Banco de México (BDM) and National Banking and Securities
Commission (CNBV) drafting changed legislation. Expected to be sent
to the legislature in the second half of 2013.
PSs
1
BDM drafting new policy statement. Expected to be published in the
second half of 2013.
CSDs
and
SSSs
1
BDM and CNBV drafting new policy statements. Expected to be
published in the second half of 2013.
TRs
1
Measure is needed but so far no draft has been made public.
CCPs
4
CNBV, Secretariat of Finance and Public Credit (SHCP) and BDM have
a legal capacity to implement the Responsibilities.
Principles
Links to the measures
CNBV (Res.A) - The National Banking and Securities Commission
Law (CNBV Law), Art. 2 and 3
http://www.diputados.gob.mx/LeyesBiblio/pdf/46.pdf
CNBV (Res.B) - The CNBV Law, Art. 2 and 3 [see above for link]
Mexico
CNBV (Res.B) - The Securities Market Law, Art. 314 to 319
http://www.cnbv.gob.mx/Paginas/Normatividad.aspx
CNBV (Res.B) - The Tripartite Rules, rules 3, 18 and 39 to 43
http://www.cnbv.gob.mx/Paginas/Normatividad.aspx,
Responsibilities
CNBV (Res.C) - The CNBV Law, Art. 2 and 3
[see above for link]
CNBV (Res.C) - The Securities Market Law, Art.1
[see above for link]
CNBV (Res.E) - The CNBV Law, Art. 4, numeral XXIV
[see above for link]
CNBV (Res E) - The Securities Market Law, Art.358
[see above for link]
SHCP (Res.A, B, C, E) - The Securities Market Law, Art.301, 302,
319 and 320 [see above for link]
SHCP (Res.A, B, C, E) - The Tripartite Rules, rules 3, 18 and 39 to
43 [see above for link]
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
37
CCPs
4
CNBV, Secretariat of Finance and Public Credit (SHCP) and BDM have
a legal capacity to implement the Responsibilities.
BDM (Res. A, B, C, E) - The Securities Market Law, Art.301, 307,
315, 316 and 319 [see above for link]
BDM (Res. A, B, C, E) - The Banco de México Law, Art. 2 and 3
http://www.banxico.org.mx/disposiciones/marco-juridico/ley-delbanco-de-mexico/%7B74481036-5967-73EE-18B1602D30C646E2%7D.pdf
BDM (Res. A, B, C, E) - The Tripartite rules, rules 3, 18 and 39 to
43 [see above for link]
PSs
4
BDM has a legal capacity to implement the Responsibilities.
BDM (Res. A, B, C, E) - The Banco de México Law, Art. 2, 3 and 31
[see above for link]
BDM (Res. A, B, C, E) - The Payment Systems Law, Art. 4, 19, 20
and 21
http://www.banxico.org.mx/disposiciones/circulares/leyes/%7B7B
519402-BFF1-30A2-E8AC-2B6E96F5CF2B%7D.pdf
CSDs
and
SSSs
4
CNBV and BDM have a legal capacity to implement the
Responsibilities.
CNBV (Res.A, B, C) - The CNBV Law. Art 2 and 3
[see above for link]
CNBV (Res.B) - The Securities Market Law, Art. 272, 279 to
281,288, 294, 295, 297 and 298 [see above for link]
Responsibilities
CNBV (Res.C) - The Securities Market Law, Art. 1
[see above for link]
CNBV (Res.E) - The CNBV Law, Art.4, numeral XXIV
[see above for link]
CNBV (Res.E) - The Securities Markey Law, Art.358
[see above for link]
SHCP (Res.A, B, C, E) - The Securities Market Law, Art. 272, 273,
280, 298 and 299 [see above for link]
BDM (Res. A, B, C, E) - The Securities Market Law, Art. 272, 294
and 298 [see above for link]
BDM (Res. A, B, C, E) - The Banco de México Law, Art. 2 and 3
[see above for link]
BDM (Res.A, B, C, E) - The Payment Systems Law, Art. 4, 6, 7, and
19 to 21 [see above for link]
TRs
38
1
Measure is needed but so far no draft has been made public.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
Comments:
- Mexican Financial Authorities (MFAs) state that their existing laws and regulations allow for a proper PFMIs implementation. MFAs have communicated FMIs’ operators that their
infrastructures should comply with PFMIs.
- MFAs are legally empowered to request amendments on FMIs’ internal rules to ensure they adopt the Principles. This is expected to be carried out in due time for IM Level 3. However,
MFAs have started to request specific amendments to certain FMIs’ internal rules in preparation of that level and they have been working with CSD/SSS and CCPs’ operators in a work
plan to adopt PFMIs.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
39
Netherlands
Principles/
Responsibilities
Netherlands
Principles
FMI
Type
Rating
CCPs
(4, see EU)
PSs
(1, see
EU/Euro
area)
CSDs
and
SSSs
(2, see EU)
TRs
(4, see EU)
CCPs
4
Status description / Next steps
Links to the measures
De Nederlandsche Bank (DNB) and Netherlands Authority for the
Financial Markets (AFM) have a legal capacity to implement the
Responsibilities.
DNB and AFM - Dutch Act on Financial Supervision, Art 1:3a,
1:75, 1:76, Sec. 5, Art. 1:89 - 1:101
http://wetten.overheid.nl/BWBR0020368/1/geldigheidsdatum_19
-06-2013
Addendum to the Act
https://zoek.officielebekendmakingen.nl/stb-2012-567.html
http://wetten.overheid.nl/BWBR0026204/geldigheidsdatum_1906-2013
Responsibilities
AFM and DNB - Law on Financial Supervision, Art 5:26 (legal
basis for NL oversight on CCPs and CSDs serving regulated
markets in the Netherlands)
http://wetten.overheid.nl/BWBR0020368/5/Hoofdstuk52/Afdelin
g521/Artikel526/geldigheidsdatum_27-06-2013
PSs
40
(4, see
EU/Euro
area)
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
CSDs
and
SSSs
4
DNB and AFM have a legal capacity to implement the Responsibilities.
AFM - Securities Giro Act
http://wetten.overheid.nl/BWBR0003109/geldigheidsdatum_2706-2013
DNB - Bank Act for DNB, Art 4
http://wetten.overheid.nl/BWBR0009508/geldigheidsdatum_2706-2013
AFM and DNB - Law on Financial Supervision, Art 5:26
[see above for link]
TRs
(NA, see
EU)
Comments:
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
41
Russia
Principles/
Responsibilities
FMI
Type
CCPs
Rating
2
Status description / Next steps
Links to the measures
Federal Financial Market Service (FFMS) published draft changed
regulation on 19 February 2013. Expected to be finalized in the near
future.
FFMS - Act on risk-management and documentation requirements
for clearing houses
http://www.ffms.ru/ru/legislation/documents/Notifications_develo
pment/index.php?id_3=8974&year_3=2013&month_3=2
Bank of Russia (BOR) published new policy statement on 29
December 2012.
BOR (policy statement) -, Methodological Recommendations for
Developing Financial Recovery Plans by Credit Institutions( Letter
No.193-T)
http://www.cbr.ru/publ/vestnik/ves130116001.pdf
Russia
Additionally, significant progress has been made to implement many
of the Principles:
Principles
FFMS and BOR published new law on 7 February 2011.
FFMS and BOR - The Federal Law No.7-FZ on Clearing and
Clearing Activities
http://www.rg.ru/2011/02/11/kliring-dok.html
FFMS published regulation on 15 March 2012, 5 June 2012 and 11
October 2012, respectively.
FFMS - Act No.12-12/ pz-n of 15 March 2012, Approval of the
Regulation Specifying the Procedure for Opening and Closing
Trading and Clearing Securities Accounts as well as for Making
Operations on the Above Accounts
http://www.rg.ru/2012/09/28/polojenie-dok.html
FFMS - Act No.12-35/ pz-n of 5 June 2012, Approval of Conditions
for Accrediting a Credit Institution that is not a Clearing House for
the Performance of Central Counterparty Functions
http://www.rg.ru/2012/07/27/akkreditacia-dok.html
FFMS - Act No.12-87/ pz-n of 11 October, 2012, Approval of the
Regulation on Clearing Activities Requirements
http://www.rg.ru/2012/12/26/fsfr1-dok.html
BOR published regulation on 3 December 2012.
42
BOR - Assessing the Management Quality of a Credit Institution
Performing Central Counterparty Function (Regulation No.2919U)_
http://www.cbr.ru/publ/vestnik/ves121228077.pdf
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
PSs
3
BOR published policy statement on 29 June 2012.
BOR (policy statement) - The document of the Committee on
Payment and Settlement Systems “The Principles for Financial
Market Infrastructures”(Letter No. 94-T)
http://www.cbr.ru/today/payment_system/P-sys/94-T.pdf
BOR published new regulation on 31 May 2012.
BOR(new regulation) - Oversight procedures in national payment
system( Regulation No 380-P,)
http://www.cbr.ru/today/payment_system/P-sys/380-p.pdf
BOR published new policy statement on 15 March 2013. BOR to
determine the exact date to require PSs to observe the Principles in
the near future.
BOR (new policy statement) - The Development Strategy of a
National Payment System
http://www.cbr.ru/today/payment_system/P-sys/strategypsys.pdf
Additionally, significant progress has been made to ensure FMI
compliance with the Principles. See below comment box for details.
CSDs
and
SSSs
2
BOR published new policy statement on 29 December 2012.
BOR (policy statement) - Methodological Recommendations for
Developing Financial Recovery Plans by Credit Institutions (Letter
No.193-T) [see above for link]
Additionally, significant progress has been made to implement many
of the Principles.
FFMS and BOR published new law on 7 December 2011.
FFMS and BOR - The Federal Law No. 414-FZ on the Central
Securities Depository
http://www.rg.ru/2011/12/08/depozitarij-site-dok.html
FFMS published regulations on 28 July 2011, 15 March 2012, 20
March 2012, 29 March 2012, 10 April 2012, 3 July 2012, 27 July 2012,
23 August 2012, 20 September 2012 and 2 October 2012 respectively.
FFMS - Act No. 11-35 /pz-n of 28 July 2011, Approval of a List of
organizations with which Russian Securities Depositaries can
Open Accounts for Registering of Rights to Foreign Securities in
Order to Issue Russian Depositary Receipts
http://www.rg.ru/2011/09/16/fsfr-dok.html
FFMS - Act No 12-13 /pz-n of 15 March 2012, Approval of
Additional Requirements for the Procedure of Forming a
Committee of Central Securities Depository Service Users and
Requirements for the Regulation on the Committee of Central
Securities Depository Service Users
http://www.rg.ru/2012/06/13/depozitarij-dok.html
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
43
CSDs
and
SSSs
2
FFMS published regulations on 28 July 2011, 15 March 2012, 20
March 2012, 29 March 2012, 10 April 2012, 3 July 2012, 27 July 2012,
23 August 2012, 20 September 2012 and 2 October 2012 respectively.
FFMS - Act No 12-14 /pz-n of 20 March 2012, Qualifying a
Requirement for the Members of a Collegiate Executive Body and
for a Person Performing Functions of a (Temporary) Sole
Executive Body of a Central Securities Depository
http://www.rg.ru/2012/05/23/depozitarij-dok.html
FFMS - Act No 12-15 /pz-n of 29 March 2012, Approval of
Requirements for the Code of Professional Conduct of the
Central Securities Depository
http://www.rg.ru/2012/05/16/depozit-dok.html
FFMS - Act No 12-25 /pz-n of 10 April 2012, Approval of
Requirements for Central Securities Depository Prices on
Securities Transactions, for which a Customer Account of a
Central Securities Depository Nominal Holder is Opened, or for
which it Acts as an Entity Responsible for the Custody of
Securities
http://www.rg.ru/2012/06/01/depozitarii-dok.html
FFMS - Act No 12-53 /pz-n of 3 July 2012, Approval of
Requirements for Certain Internal Documents of the Central
Securities Depository (together with the Requirements for the
Conditions of Performing Central Securities Depository Activities,
Requirements for Electronic Communication Rules of the Central
Securities Depository, Requirements to the Procedure for
Conducting Operations and Document Workflow in the Course
of Carrying out Depository Activities and the Requirements for
the Rules for Protection of Central Securities Depository
Information) http://www.rg.ru/2012/08/31/trebovaniya-dok.html
FFMS - Act No 12-54 /pz-n of 3 July 2012, Other Documents to
be Provided to the FFMS for Assignment of a Central Securities
Depository Status
http://www.garant.ru/products/ipo/prime/doc/70120454/
44
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
CSDs
and
SSSs
2
FFMS published regulations on 28 July 2011, 15 March 2012, 20
March 2012, 29 March 2012, 10 April 2012, 3 July 2012, 27 July 2012,
23 August 2012, 20 September 2012 and 2 October 2012 respectively.
FFMS - Act No 12-65 /pz-n of 27 July 2012, Approval of a List of
Foreign Organizations for which the Central Securities Depository
Opens Depo Accounts of a Foreign Nominal Holder
http://www.rg.ru/2012/10/03/perechen-dok.html
FFMS - Act No 12-75 /pz-n of 23 August 2012, Approval of Rules
for Disclosure of Information by the Central Securities
Depository, of Requirements to the Central Securities Depository
Internal Document that Sets Disclosure Rules and of the
Procedure for Notifying the Federal Executive Body Responsible
for Financial Markets by the Central Securities Depository
http://www.rg.ru/2012/10/26/depozitarij-dok.html
FFMS - Act No 12-80 /pz-n of 20 September 2012, Approval of
Administrative Regulations for Assignment of a Central Securities
Depository Status by the Federal Financial Markets Service
http://www.rg.ru/2012/10/24/fsfr-dok.html
FFMS - Act No 12-82 /pz-n of 2 October 2012, Approval of
Requirements for Central Securities Depository Activities as
Related to Risk Management and Internal Controls, and to
Certain Internal Central Securities Depository Documents
http://www.rg.ru/2012/10/26/depozitarij-2-dok.html
BOR published regulation on 9 June 2012.
TRs
1
BOR -, Requirements for Credit Institutions and Foreign Banks
with which the Central Securities Depository Has a Right to Place
Funds( Regulation No.2830-U)
http://www.cbr.ru/publ/vestnik/ves120628034.pdf
FFMS and BOR drafting changed legislation.
Additionally, significant progress has been made to implement many
of the Principles.
FFMS and BOR published changed law on 7 February 2011.
FFMS and BOR - The Federal Law No. 39-FZ on Securities Market
http://www.ffms.ru/ru/contributors/financialmarket
FFMS published regulation on 28 December 2011.
FFMS - Act No. 11-68 /pz-n on Approval of the Procedure for
Keeping a Register of Agreements Concluded on Conditions of a
Master Agreement (Single Agreement), Providing Information
Necessary for Keeping the Register and Information from the
Register, as well as Providing the Register of Agreements
Concluded on Conditions of a Master Agreement (Single
Agreement) to a Federal Executive Body for Securities Market
http://www.rg.ru/2012/10/16/fin-reestr-site-dok.html
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
45
CCPs
4
FFMS and BOR have a legal capacity to implement the
Responsibilities.
FFMS and BOR - The Federal Law No. 7-FZ [see above for link]
PSs
4
BOR has a legal capacity to implement the Responsibilities.
BOR - The Federal Law No. 161-FZ
http://www.cbr.ru/eng/analytics/federal_law_161fz.pdf
BOR - The Federal Law No. 86-FZ
http://www.cbr.ru/eng/today/status_functions/law_cb_eng.pdf
Responsibilities
BOR - Oversight procedures in national payment
system( Regulation No 380-P,) [see above for link]
CSDs
and
SSSs
4
FFMS and BOR have a legal capacity to implement the
Responsibilities.
FFMS and BOR - The Federal Law No. 414-FZ
[see above for link]
TRs
4
FFMS and BOR have a legal capacity to implement the
Responsibilities.
FFMS and BOR - The Federal Law No. 39-FZ
[see above for link]
Comments: For PSs: BOR is planning to assess systemically important payment systems against PFMIs. BOR expects that SIPs comply with PFMIs 90 days after the PSs are recognised as
SIPSs. BOR published unofficial translations of PFMIs, Assessment Methodology and Disclosure framework on the BOR website.
46
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
Saudi Arabia
Principles/
Responsibilities
FMI
Type
Rating
Status description / Next steps
CCPs
NA
There is no existing CCP or plans underway to develop a CCP.
PSs
1
Saudi Arabian Monetary Agency (SAMA) drafting changed
legislation, binding rules and policy statement. Expected to be
published in the near future.
Links to the measures
Additionally, significant progress has been made to ensure FMI
compliance with the Principles. See below comment box for details.
Principles
CSDs
and
SSSs
1
TRs
1
Measure is needed but so far no draft has been made public.
Additionally, significant progress has been made to ensure FMI
compliance with the Principles. See below comment box for details.
SAMA drafting new policy statement. Expected to be published in
the near future.
Saudi Arabia
Additionally, significant progress has been made to implement
many of the Principles. See below comment box for details.
Responsibilities
CCPs
NA
There is no existing CCP or plans underway to develop a CCP.
PSs
4
SAMA has a legal capacity to implement the Responsibilities.
SAMA - Charter of the Saudi Arabian Monetary Agency
http://www.sama.gov.sa/sites/samaen/RulesRegulation/BankingSys
tem/Pages/BankingSystemFD01.aspx
CSDs
and
SSSs
4
Capital Market Authority (CMA) has a legal capacity to implement
the Responsibilities.
CMA - Capital Market Law, Chapter 2-4
http://cma.org.sa/En/AboutCMA/CMALaw/Pages/default.aspx
TRs
4
Tadawul - Securities Depository Centre Rules
http://www.tadawul.com.sa/static/pages/en/Regulation/SecuritiesD
epositryCenterRegulations_Tadawul_en.pdf
SAMA has a legal capacity to implement the Responsibilities
SAMA - Banking Control Law,
http://www.sama.gov.sa/sites/samaen/RulesRegulation/BankingSys
tem/Pages/BankingSystemFD03.aspx
SAMA - Charter of the Saudi Arabian Monetary Agency
[see above for link]
Comments:
- As for PSs, substantial legislation is already in place. Further revisions are underway.
- As for CSDs/SSSs, CMA has undertaken high level review of Tadawul’s assessments of their own compliance with the applicable Principles of the PFMIs.
- As for TRs, SAMA released a circular and TR participants reporting guidelines on 20 January 2013. Saudi Arabian Trade Repository has been established and operational since 8
December 2012.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
47
Singapore
Principles/
Responsibilities
Rating
Status description / Next steps
Links to the measures
CCPs
4
Monetary Authority of Singapore (MAS) published final changed
policy statement on 14 January 2013. The measure came into force on
the same date.
MAS - Monograph for FMIs
http://www.mas.gov.sg/About-MAS/Monographs-and-informationpapers/Monographs/2013/Supervision-of-Financial-MarketInfrastructures-in-Singapore.aspx
PSs
4
MAS published final changed policy statement on 14 January 2013.
The measure came into force on the same date.
See CCPs.
CSDs
and
SSSs
4
MAS published final changed policy statement on 14 January 2013.
The measure came into force on the same date.
See CCPs.
TRs
3
Changed final legislation published on 15 November 2012. The
measures will come into force in 3Q 2013.
MAS - Securities and Futures Act
http://statutes.agc.gov.sg/aol/search/display/view.w3p;ident=e5ec7a
ee-9acd-487c-b801c0dcd7e5afac;page=0;query=DocId%3A25de2ec3-ac8e-44bf-9c88927bf7eca056%20Depth%3A0%20ValidTime%3A25%2F06%2F2013
%20TransactionTime%3A25%2F06%2F2013%20Status%3Ainforce;re
c=0
MAS published final changed policy statement on 14 January 2013.
The measure came into force on the same date.
MAS - Monograph for FMIs [see above for link]
Singapore
Principles
FMI
Type
However, there is no existing TR as of 5 April 2013.
CCPs
4
MAS has a legal capacity to implement the Responsibilities.
MAS - Securities and Futures Act [see above for link]
PSs
4
MAS has a legal capacity to implement the Responsibilities.
MAS - Payment Systems (Oversight) Act
http://statutes.agc.gov.sg/aol/search/display/view.w3p;ident=f26212
24-e43e-49af-91a75b189bef209d;page=0;query=DocId%3A23349004-82c6-4ca2-aba3324d8ad824c1%20Depth%3A0%20ValidTime%3A25%2F06%2F2013
%20TransactionTime%3A25%2F06%2F2013%20Status%3Ainforce;re
c=0
CSDs
and
SSSs
4
MAS has a legal capacity to implement the Responsibilities.
See CCPs.
TRs
4
MAS has a legal capacity to implement the Responsibilities.
See CCPs.
Responsibilities
Comments: As for TRs, legislation has been amended to provide a regulatory framework for TRs.
48
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
South Africa
Principles/
Responsibilities
Principles
FMI
Type
Rating
Status description / Next steps
CCPs
4
Financial Services Board (FSB) published final new policy statement on
10 December 2012. The measure came into force on the same date.
PSs
1
South African Reserve Bank (SARB) drafting new policy statement.
Expected to be published in 3rd quarter of 2013.
CSDs
and
SSSs
3
FSB published final new policy statement on 26 November 2012.
Expected to be in force soon.
TRs
1
Measure is needed but so far no draft has been made public.
Links to the measures
FSB (policy statement) - Approval of SAFCOM as a qualifying
central counterparty.
ftp://ftp.fsb.co.za/public/finmarks/SAFCOM%20letter%201.pdf
FSB (policy statement) - Self-assessment by STRATE in respective
of compliance with the relevant CPSS/IOSCO Principles for
Financial Market Infrastructures.
ftp://ftp.fsb.co.za/public/finmarks/Strate%20letter%202.pdf
South Africa
However, there is no existing TR as of 5 April 2013.
Responsibilities
CCPs
4
FSB has a legal capacity to implement the Responsibilities.
FSB - Securities Services Act (SSA), section 6, 64-66
ftp://ftp.fsb.co.za/public/finmarks/SSA.pdf
PSs
4
SARB has a legal capacity to implement the Responsibilities.
SARB - South African Reserve Bank Act, section 10(1)(c)
http://www.resbank.co.za/AboutUs/Legislation/Pages/default.aspx
CSDs
and
SSSs
4
FSB has a legal capacity to implement the Responsibilities.
FSB - Securities Services Act, section 6, 31-33
[see above for link]
TRs
1
Measure is needed but so far no draft has been made public.
Comments:
- For CCPs: CCP compliance with the PFMIs underway. CCP self-assessment completed, FSB and the CCP developing CCP action plans for filling gaps.
- For CSDs/SSSs: CSD/SSS compliance with the PFMIs underway. CSD self-assessment is in process and expected to be finalized by 30 June 2013.
- For PSs: The SARB policy statement is an interim measure. New legislative architecture for PSs is being developed by SARB which will replace the policy statement.
- For CCPs and CSD/SSSs: From 3 June 2012, the Financial Market Act (FMA) came into force to replace the SSA as the legal basis of FSB.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
49
Spain
Principles/
Responsibilities
Rating
CCPs
(4, see EU)
PSs
(1, see
EU/Euro
area)
CSDs
and
SSSs
(2, see EU)
TRs
(4, see EU)
CCPs
4
Spain
Principles
FMI
Type
Status description / Next steps
Links to the measures
Comisión Nacional del Mercado de Valores (CNMV) and Banco de
España (BDE) have a legal capacity to implement the Responsibilities.
CNMV and BDE - Securities market Act
http://www.cnmv.es/docportal/legislacion/leymercado/LMV_May
2012_EN.pdf
BDE - Law of Autonomy of the Banco de España
http://www.bde.es/f/webbde/COM/funciones/ficheros/en/leyaut
one.pdf
PSs
(4, see
EU/Euro
area)
CSDs
and
SSSs
4
TRs
(NA, see
EU)
Responsibilities
CNMV and BDE have a legal capacity to implement the
Responsibilities.
CNMV and BDE - Securities market Act [see above for link]
BDE - Law of Autonomy of the Banco de España
[see above for link]
Comments: Regarding Responsibilities for payment systems, BDE may implement or complement the legal acts prescribed by the ECB according to the Law on autonomy of the BDE (art
16, see above for link).
50
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
Sweden
Principles/
Responsibilities
FMI
Type
Rating
CCPs
(4, see EU)
PSs
4
(Riksbank)
Sveriges Riksbank (Riksbank) published final new policy
statement on 30 May 2012. The measure came into force on
the same date.
1
(Finansinsp
ektionen)
Measure is needed but so far no draft has been made public.
Principles
(2, see EU)*
TRs
(4, see EU)
CCPs
4
Sweden
CSDs
and
SSSs
Status description / Next steps
Riksbank and Finansinspektionen have a legal capacity to
implement the Responsibilities.
Links to the measures
Riksbank (policy statement) - The Riksbank's oversight of the financial
infrastructure
http://www.riksbank.se/en/Financial-stability/Financialinfrastructure/The-Riksbanks-oversight-of-the-financial-infrastructure/
Riksbank - The Sveriges Riksbank Act, chapters 2, 4, 6, and 10
http://www.riksbank.se/Documents/Riksbanken/Lagar_regler_policy/201
2/rb_riksbankslagen_120701_sve.pdf
Riksbank - The Riksbank's oversight of the financial infrastructure
http://www.riksbank.se/en/Financial-stability/Financialinfrastructure/The-Riksbanks-oversight-of-the-financial-infrastructure/
Finansinspektionen - The Securities Market Act, chapters 19, 23 and 25
http://www.notisum.se/rnp/sls/lag/20070528.HTM (only available in
Swedish as hyperlink)
Responsibilities
PSs
4
(Riksbank)
The Riksbank and Finansinspektionen have a legal capacity
to implement the Responsibilities.
See CCPs.
CSDs
and
SSSs
4
The Riksbank and Finansinspektionen have a legal capacity
to implement the Responsibilities.
See CCPs.
TRs
(NA, see
EU)
Comments: For PSs: The split rating between Riksbank and Finansinspektionen due to two different regulatory regimes.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
51
Switzerland
Principles/
Responsibilities
FMI
Type
CCPs
Rating
2
Status description / Next steps
Links to the measures
Swiss National Bank (SNB) published draft changed legislation on 5
April 2013. Expected to be finalised and come into force by July
2013.
SNB (draft changed legislation) - Draft Revised National Bank
Ordinance released for consultation
http://www.snb.ch/en/mmr/reference/Vernehmlassung_NBV/source
SNB published final changed legislation on 25 June 2013. The
measure came into force on 1 July 2013.
SNB (final changed legislation) - Partial revision of National Bank
Ordinance enters into force (25 June 2013)
http://www.snb.ch/en/mmr/reference/pre_20130625/source
SNB (final changed legislation) - National Bank Ordinance (1 July
2013)
http://www.admin.ch/ch/e/rs/c951_131.html
Principles
PSs
2
SNB published draft changed legislation on 5 April 2013. Expected
to be finalised and come into force by July 2013.
See CCPs.
Switzerland
SNB published final changed legislation on 25 June 2013. The
measure came into force on 1 July 2013.
CSDs
and
SSSs
2
TRs
1
SNB published draft changed legislation on 5 April 2013. Expected
to be finalised and come into force by July 2013.
See CCPs.
SNB published final changed legislation on 25 June 2013. It entered
into force on 1 July 2013.
Legislation being drafted. Expected to be published by fall 2013.
However, there is no existing TR as of 5 April 2013.
CCPs
4
SNB and Swiss Financial Market Supervisory Authority (FINMA)
have a legal capacity to implement the Responsibilities.
FINMA - Banking Act
http://www.admin.ch/opc/de/classifiedcompilation/19340083/index.html
Responsibilities
FINMA - Secondary Legislation
http://www.finma.ch/e/regulierung/gesetze/pages/banken.aspx
PSs
52
SNB - National Bank Ordinance
http://www.admin.ch/ch/e/rs/c951_131.html
4
SNB has a legal capacity to implement the Responsibilities.
SNB - National Bank Ordinance
[see above for link]
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
CSDs
and
SSSs
4
SNB and FINMA have a legal capacity to implement the
Responsibilities.
TRs
1
Legislation being drafted. Expected to be published by fall 2013.
See CCPs.
However, there is no existing TR as of 5 April 2013.
Comments:
- For CCPs, PSs, CSDs and SSSs: Draft legislation was published for public consultation on 5 April, and subsequently finalized on 25 June (after the 5 April assessment date for this report).
- For TRs, Draft legislation expected to be published for public consultation by fall 2013.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
53
Turkey
Principles/
Responsibilities
FMI
Type
Rating
Turkey
Links to the measures
CCPs
1
Capital Markets Board (CMB) drafting new policy statement.
PSs
1
Central Bank of the Republic of Turkey (CBRT) drafting changed policy
statement.
CBRT published a summary of PFMIs in the Financial Stability Report,
in May 2012.
Principles
Responsibilities
Status description / Next steps
CBRT - Financial Stability Report (May 2012), Title V.9
http://www.tcmb.gov.tr/yeni/evds/yayin/finist/sectionV-14.pdf
CSDs
and
SSSs
1
CBRT drafting changed policy statement.
TRs
1
CMB drafting new policy statement.
CCPs
4
CMB has a legal capacity to implement the Responsibilities.
CMB - The Capital Markets Law (No.6362)
http://www.cmb.gov.tr/indexcont.aspx?action=showpage&menui
d=1&pid=1&submenuheader=-1
PSs
4
CBRT has a legal capacity to implement the Responsibilities.
CBRT - Law (No.1211)
http://www.tcmb.gov.tr/yeni/banka/law.pdf
CSDs
and
SSSs
4
CMB and CBRT have a legal capacity to implement the
Responsibilities.
CMB - The Capital Markets Law (No.6362), article 77
[see above for link]
TRs
4
CBRT published a summary of PFMIs in the Financial Stability Report,
in May 2012
CBRT - Financial Stability Report (May 2012), Title V.9
[see above for link]
CBRT - Law (No.1211)
[see above for link]
CMB has a legal capacity to implement the Responsibilities.
CMB - The Capital Markets Law (No.6362)
[see above for link]
Comments:
54
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
United Kingdom
Principles/
Responsibilities
FMI
Type
Rating
CCPs
(4, see EU)
PSs
4
Status description / Next steps
Links to the measures
Bank of England (BOE) published final new policy 18 December 2012.
The measure came into force on 18 December 2012.
BOE - Public statement (Pursuant to Section 188 of Part 5 of the
Banking Act 2009)
http://www.bankofengland.co.uk/financialstability/Pages/fmis/sta
ndards/recognised-payment-systems.aspx
BOE - Payment Systems Oversight Report 2012 (March 2013), p.6
http://www.bankofengland.co.uk/publications/Documents/psor/
psor2012.pdf
Principles
BOE - Banking Act 2009, Part 5
http://www.legislation.gov.uk/ukpga/2009/1/part/5
United Kingdom
CSDs
and
SSSs
4
BOE published final new policy on 18 December 2012. The measure
came into force on 18 December 2012.
See PSs.
CSDs and SSSs currently regulated by the BOE as both a ‘Regulated
Clearing House’ and ‘Recognised Payment System’, until the
implementation of the EU CSD Regulation in 2014.
TRs
(4, see EU)
CCPs
4
BOE has a legal capacity to implement the Responsibilities.
BOE - Financial Services Act 2012
http://www.legislation.gov.uk/ukpga/2012/21/contents
BOE - Financial Services and Markets Act 2000 (amendments)
http://www.legislation.gov.uk/ukpga/2000/8/contents
BOE - Banking Act 2009, Part 5
[see above for link]
Responsibilities
BOE - The Uncertificated Securities Regulations 2001, Part II
http://www.legislation.gov.uk/uksi/2001/3755/contents/made
PSs
4
BOE has a legal capacity to implement the Responsibilities.
See CCPs.
CSDs
and
SSSs
4
BOE has a legal capacity to implement the Responsibilities.
See CCPs.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
55
TRs
4
Financial Conduct Authority (FCA) has a legal capacity to implement
the Responsibilities.*
FCA (Res.A) - FCA’s Handbook of Rules and Guidance
http://fshandbook.info/FS/html/FCA/SERV/1
FCA (Res.B) - FCA Supervision Manual
http://fshandbook.info/FS/html/FCA/SUP
FCA (Res.B) - FCA Enforcement Guide
http://media.fshandbook.info/Handbook/EG_FCA_20130401.pdf
FCA (Res.C) - FCA Handbook of Rules and Guidance
http://fshandbook.info/FS/html/FCA/SERV/1
FCA (Res.E) - Financial Services and Markets Act 2000, Chapter 8,
Part XXIII, Co-operation, Section 354
http://www.legislation.gov.uk/ukpga/2000/8/section/354
Comments:
*Responsibilities TRs: The FCA is the authority responsible for the supervision of TRs in the UK based on the FCA Service Company regime. After September 2013, ESMA will have a legal
capacity to implement the Responsibilities for TRs in the EU based on EMIR.
56
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
United States
Principles/
Responsibilities
FMI
Type
United States
CCPs
Rating
1/2/4
Status description / Next steps
Links to the measures
4
Commodity Futures Trading Commission (CFTC) published final
regulation on 8 November 2011 for some elements of the PFMIs. The
measure came into force in phases on the following dates: 9 January
2012, 7 May 2012 and 8 November 2012.
CFTC (final regulation) - Derivatives Clearing Organization
General Provisions and Core Principles Final Rule (Part 39,
Subparts A and B), 76 FR 69334 (Nov. 8, 2011)
http://www.gpo.gov/fdsys/pkg/FR-2011-11-08/pdf/201127536.pdf
Securities and Exchange Commission (SEC) published final regulation
on 22 October 2012 for some elements of the PFMIs. The measure
came into force on 3 January 2013.
SEC (final regulation) - Final Rule: Clearing Agency Standards,
Exchange Act Release No. 34-68080 (Oct. 22, 2012), 77 Federal
Register 66219 (Nov. 2, 2012) (in particular Rule 17Ad-22)
http://www.gpo.gov/fdsys/pkg/FR-2012-11-02/pdf/201226407.pdf
Principles
2
CFTC published draft regulations on 14 October 2010 and 20 January
2011 for some elements of the PFMIs. The measures expected to be
finalized by year end 2013.
CFTC (draft regulations) - Risk Management Requirements for
Derivatives Clearing Organizations Notice of Proposed
Rulemaking, 76 Federal Register 3698 (20 January 2011)
http://www.gpo.gov/fdsys/pkg/FR-2011-01-20/pdf/2011-690.pdf
CFTC (draft regulations) - Financial Resources Requirements for
Derivatives Clearing Organizations Notice of Proposed
Rulemaking, 75 Federal Register 63113 (Oct. 14, 2010)
http://www.gpo.gov/fdsys/pkg/FR-2010-10-14/pdf/201025322.pdf
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
57
SEC published draft regulation for some elements of the PFMIs on 3
March 2011 and 8 March 2013.
SEC (draft regulation) - Proposed Rule: Clearing Agency
Standards for Operation and Governance, Exchange Act Release
No. 34-64017 (Mar. 3, 2011), 76 Federal Register 14471 (Mar. 16,
2011) (in particular proposed Rules 17Ad-25, 17Ad-26, and 3Cj1):
http://www.gpo.gov/fdsys/pkg/FR-2011-03-16/pdf/20115182.pdf
SEC (draft regulation) - Proposed Rule: Regulation Systems
Compliance and Integrity, Exchange Act Release No. 34-69077
(Mar. 8, 2013) , 78 FR 18083 (Mar. 25, 2013) (in particular
proposed Rule 1000(b))
http://www.gpo.gov/fdsys/pkg/FR-2013-03-25/pdf/201305888.pdf
1
CFTC drafting changed regulations. Expected to be published by year
end 2013. Full implementation of the PFMIs expected to be complete
by year end 2013.
SEC drafting changed regulations.
SEC (implementation plan) - Final Rule: Clearing Agency
Standards, Exchange Act Release No. 34-68080 (Oct. 22, 2012),
77 Federal Register 66219 (Nov. 2, 2012) (in particular Rule 17Ad22) (in particular pages 66224 and 66225)
http://www.gpo.gov/fdsys/pkg/FR-2012-11-02/pdf/201226407.pdf
Federal Reserve Board (FRB) drafting changed regulation.
FRB (implementation plan) - Final Rule: Regulation HH, Financial
Market Utilities, 77 Federal Register 45907 (Aug. 2, 2012) (Board
statement regarding review of PFMI, see page 45908)
http://www.gpo.gov/fdsys/pkg/FR-2012-08-02/pdf/201218762.pdf
Additional measures necessary for all authorities.
PSs
58
1
FRB drafting changed regulation.
FRB (implementation plan) - Final Rule: Regulation HH, Financial
Market Utilities, 77 Federal Register 45907 (Aug. 2, 2012) (Board
statement regarding review of PFMI, see page 45908) [see above
for link]
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
CSDs
and
SSSs
1
FRB drafting changed regulation.
FRB (implementation plan) - Final Rule: Regulation HH, Financial
Market Utilities, 77 Federal Register 45907 (Aug. 2, 2012) (Board
statement regarding review of PFMI, see page 45908) [see above
for link]
SEC drafting changed regulation.
SEC (implementation plan) - Final Rule: Clearing Agency
Standards, Exchange Act Release No. 34-68080 (Oct. 22, 2012),
77 Federal Register 66219 (Nov. 2, 2012) (in particular Rule 17Ad22) (in particular pages 66224 and 66225)
[see above for link]
Additional measures necessary for both authorities.
TRs
1
CFTC and SEC drafting changed regulations.
CFTC published final regulation on 1 September 2011 for some
elements of the PFMIs. The measure came into force in phases on the
following dates: 12 October 2012, 10 January 2013, and 10 April 2013.
CFTC (final regulation) - Swap Data Repositories: Registration
Standards, Duties and Core Principles, (Part 49), 76 Federal
Register 54538 (Sept. 1, 2011)
http://www.gpo.gov/fdsys/pkg/FR-2011-09-01/pdf/201120817.pdf
SEC published draft regulation on 10 December 2010 for some
elements of the PFMIs.
SEC (proposed regulation) - Security-Based Swap Data
Repository Registration, Duties, and Core Principles, Exchange
Act Release No. 34-63347 (Nov. 19, 2010), 75 FR 77305 (Dec. 10,
2010) (in particular proposed rules 13n-1 through 13n-11)
http://www.gpo.gov/fdsys/pkg/FR-2010-12-10/pdf/201029719.pdf
Additional measures necessary for both authorities.
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
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CCPs
4
CFTC, SEC and FRB have a legal capacity to implement the
Responsibilities.
All Agencies Dodd-Frank Act, Title VII: Section 752 (15 U.S.C. 8325)
http://www.gpo.gov/fdsys/pkg/USCODE-2011title15/pdf/USCODE-2011-title15-chap109-subchapI-partBsec8325.pdf
Dodd-Frank Act, Title VIII (12 U.S.C. 5461 – 5472)
http://www.gpo.gov/fdsys/pkg/USCODE-2010title12/pdf/USCODE-2010-title12-chap53-subchapIV.pdf
CFTC - Commodity Exchange Act, Section 5b, 7 U.S.C. 7a-1
http://codes.lp.findlaw.com/uscode/7/1/7a-1
CFTC - Commission Regulation Part 39, 17 C.F.R. Part 39
http://www.ecfr.gov/cgi-bin/textidx?c=ecfr&SID=8249559115538688dfcaa77f86c49067&rgn=div5
&view=text&node=17:1.0.1.1.32&idno=17#17:1.0.1.1.32.1.7.3
Responsibilities
SEC - Securities Exchange Act, Section 17A, 15 U.S.C. 78q-1
http://www.gpo.gov/fdsys/pkg/USCODE-2011title15/pdf/USCODE-2011-title15-chap2B-sec78q.pdf
SEC - Securities Exchange Act, Section 17, 15 U.S.C. 78q
http://www.gpo.gov/fdsys/pkg/USCODE-2011title15/pdf/USCODE-2011-title15-chap2B-sec78q.pdf
SEC - Securities Exchange Act, Section 21, 15 U.S.C. 78u
http://www.gpo.gov/fdsys/pkg/USCODE-2011title15/pdf/USCODE-2011-title15-chap2B-sec78u.pdf
SEC - Securities Exchange Act, Section 24(c) and (d), 15 U.S.C.
78x(c) and (d)
http://www.gpo.gov/fdsys/pkg/USCODE-2011title15/pdf/USCODE-2011-title15-chap2B-sec78x.pdf
SEC - Commission regulations under the Exchange Act, 17 C.F.R.
Part 240
http://www.ecfr.gov/cgi-bin/textidx?SID=4e9aa7424c8f2552784d10a418af7d6b&c=ecfr&tpl=/ecfr
browse/Title17/17cfrv3_02.tpl
60
CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013
FRB - Federal Reserve Act, Section 9 (22), 12 U.S.C. 338
http://www.federalreserve.gov/aboutthefed/fract.htm
FRB - Policy on Payment System Risk
http://www.federalreserve.gov/paymentsystems/files/psr_policy.p
df
PSs
4
FRB has a legal capacity to implement the Responsibilities.
FRB - Dodd-Frank Act, Title VIII Sections 804, 805, 806, 807, 809,
810 [see above for links]
FRB - Federal Reserve Act, including sections 9, 11, and 25A, 12
U.S.C. 338: http://www.federalreserve.gov/aboutthefed/fract.htm
FRB - Bank Service Company Act, 12 U.S.C. 1861–67
http://www.gpo.gov/fdsys/pkg/USCODE-2010title12/pdf/USCODE-2010-title12-chap18.pdf
FRB - Policy on Payment System Risk
http://www.federalreserve.gov/paymentsystems/files/psr_policy.p
df
CSDs
and
SSSs
4
SEC and FRB have a legal capacity to implement the Responsibilities.
FRB and SEC - Dodd-Frank Act, Title VII 752 and Title VIII 802,
804, 805, 806, 807, 809, 813 [see above for links]
SEC - Securities Exchange Act, Section 17A, 15 U.S.C. 78q-1, 78q,
78u, 78x( c), and 78x(d) [see above for links]
SEC - Commission regulations under the Exchange Act, 17 C.F.R.
Part 240 [see above for link]
FRB - Federal Reserve Act, including sections 9, 11(j), 12 U.S.C.
338 and 248(j), and 25A, 12 U.S.C. 338
[see above for link]
FRB - Policy on Payment System Risk [see above for link]
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TRs
4
CFTC, SEC and FRB have a legal capacity to implement the
Responsibilities.
CFTC - Commodity Exchange Act, Section 21, 7 U.S.C. 24a
http://www.gpo.gov/fdsys/pkg/USCODE-2011title7/pdf/USCODE-2011-title7-chap1-sec24a.pdf
CFTC - Commission Regulation Part 49, 17 C.F.R. Part 49
http://cfr.regstoday.com/17cfr49.aspx
SEC - Securities Exchange Act, Sections 13(n), 21, and 24, 15
U.S.C. 78m(n)78u, 78x(c) and 78x(d)
[see above for links]
SEC - Commission regulations under the Exchange Act, 17 C.F.R.
Part 240 [see above for link]
FRB - Federal Reserve Act, Section 9 (22), 12 U.S.C. 338:
[see above for link]
FRB - Policy on Payment System Risk [see above for link]
Comments: For CCPs: The US self-assessment reflects a split rating 1/2/4 for CCPs on the basis that certain elements of the PFMIs are at different points of adoption and that this is clear
and transparent in public documents. The US included a “4” in the split rating on the basis that certain elements have been adopted (in final form) in regulations, are in force, and that
this is clear and transparent in public documents. The US included a “2” on the basis that certain elements have been drafted and are in the public domain; and have included a “1” on
the basis that remaining measures are needed, but are not yet in the public domain. The CFTC is drafting rules to update the regulatory framework in order to achieve full consistency
with the PFMI by a target date of December 31, 2013. The SEC is considering additional measures as part of its publicly disclosed staged process for rulemaking with regard to clearing
agencies. The Federal Reserve Board, the SEC and the CFTC are working expeditiously to draft and adopt rules, regulations, and policies, as necessary, to implement the PFMIs.
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CPSS-IOSCO – Implementation monitoring of PFMIs – Level 1 assessment report – August 2013